ENGLEWOOD, Colo. - Three senior executives of Integrated Payment Systems Inc., the First Data Corp. subsidiary that operates the MoneyGram money transmission service, have been named to a newly formed office of the president.
The organizational step was related to First Data's pending merger with First Financial Management Corp., another major transaction processing company. As a condition for Federal Trade Commission approval, First Data agreed to spin off the sales and marketing functions of either MoneyGram or Western Union Financial Services, the competing operation owned by First Financial.
The top officers are Robbin L. Ayers, previously president of money transfer, who launched MoneyGram in 1988; Frank J.Gangi, president of Integrated Payment Systems' retail services division; and Isaac F. Lasky, who was responsible for international expansion.
To keep MoneyGram separate and removed from First Data, pending a decision to sell it or keep it, the company retained Paul A. Seader of the New York law firm Hughes, Hubbard & Reed as auditor/manager overseeing the office of the president.
The top officials issued a statement noting that MoneyGram has boosted worldwide transaction volume 65% in the last year and "in no uncertain terms ... is a competitive force in the electronic money-wiring industry."