CoreStates Financial Corp. and Moneygram Payment Systems Inc. have reached an agreement that will allow MoneyGram to use CoreStates' 104-country global payments network to clear and settle international money transfers.

This is the first such partnership between a bank and a money transfer company. Moneygram will use CoreStates' 1,200 correspondent banks to settle most of its international foreign exchange payments, CoreStates said in a release.

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