Human Capital Management

Human Capital Management

September 26, 2011

MoneyGram International Receives SWIFT Worker's Remittance Member Status

MoneyGram (News - Alert) International, a global money transfer company, announced it has become a member of the Society for Worldwide Interbank Financial Telecommunication (SWIFT), an industry-owned co-operative that supplies secure messaging services and interface software to financial institutions.

The company also announced MoneyGram has received worker’s remittance member status, the first global money transfer company in SWIFT network to receive this status. This status provides the company with a single connection and uniform format to increase efficiency and reduce the start up costs of adding new members to MoneyGram’s global agent network.

Additionally, SWIFT’s worker’s remittance member status also provides SWIFT member institutions with the ability to offer their customers access to MoneyGram’s global network for a convenient, fast and secure way to send money to their bank accounts, company officials said

“This is an exciting global business opportunity for MoneyGram,” said Alex Holmes, SVP, head of corporate strategy and investor relations, MoneyGram, in a statement. “Our membership allows us to reach partner agreements with member institutions knowing our systems will connect and integrate into a single message format.”

According to Holmes, this efficiency alone will reduce integration times from months to weeks, at a significant cost savings.

SWIFTRemit provides a business and operational framework that helps financial institutions extend their remittance activities on a global level, according to Luc Meurant, SWIFT’s head of banking, supply chain and corporate markets. “MoneyGram’s decision to join SWIFTRemit will definitely increase the reach for its service-users and further strengthen and expand its remittance business.”

Earlier in July, MoneyGram announced a partnership with Access Bank, extending its network in Nigeria with Access Bank's 200 branches and service outlets across the country. 

Rajani Baburajan is a contributing editor for TMCnet. To read more of Rajani's articles, please visit her columnist page.

Edited by Jamie Epstein

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