MoneyGram is offering a technology platform that enables banks and retailers to offer alternative financial services beyond just money transfers and bill payments.
The company calls the MGiAlloy platform a "one-stop-shop" experience in which consumers can transfer money, pay bills, cash checks, and load prepaid cards at kiosks, online, through a mobile device, or at point-of-sale terminals.
Retailers including H&R Block Financial Services, some CVS stores, hundreds of bank branches, and Tesco in the United Kingdom are currently using this integrated product, according to a Monday press release.
"Today's competitive environment in financial services challenges businesses to establish long-term relationships with customers who want quick and convenient ways to manage their money," Peter Ohser, MoneyGram's executive vice president for the United States and Canada, said in the release. "With MGiAlloy, financial institutions, retailers and mobile network operators can more efficiently attract and retain consumers who depend on alternative financial services for money management."
In September, MoneyGram acquired the assets of Nexxo Financial in Burlingame, Calif. This deal allowed the Dallas-based company to expand its self-service offerings for banks and credit unions.