Money transfer company MoneyGram International and Fiserv Inc., a technology provider to financial institutions, announced an agreement adding MoneyGram's services to Fiserv's Popmoney P2P payments product. Once integrated, FIs using Popmoney's network will be able to offer consumers the ability to send money through MoneyGram's global network available at more than 267,000 locations in 192 countries. Consumers will also be able to opt for receiving cash payments at MoneyGram locations when receiving funds through Popmoney.

"With Popmoney, financial institutions can provide their customers with a faster, easier and more secure way to send and receive money from their bank or credit union accounts," said Neil Platt, Fiserv's SVP and GM for its CashEdge division. "Working with MoneyGram will allow Fiserv to enhance the Popmoney service with cross-border and cash payment options, and expand consumer choices for managing their money."

Popmoney's person-to-person payment platform gives customers of FIs a method for sending and receiving funds quickly and easily. All a customer needs is an email address or mobile phone number to route funds to another user's bank account. Now with the link to MoneyGram, recipients can forego the trip to a bank to get their money and can pick it up at one of MoneyGram's agent locations. That's especially helpful for the underbanked who may not have ready access to a bank location.

"This relationship provides MoneyGram with access to a wide number of financial institutions that have existing relationships with Fiserv, expanding our reach in an easily scalable way," said Tim Summers, MoneyGram global head of strategic partnerships.

For more stories on this topic, visit the P2P/Money Transfer research center.