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Money-transfer provider MoneyGram International Inc. has launched MGiAlloy, a technology platform to enable greater use of alternative financial services.
MGiAlloy, which can be used on kiosks, online, on mobile device or at points-of-sale, enables consumers to transfer money, pay bills, cash checks, reload prepaid cards and other services.
Dallas-based MoneyGram says Tesco in the United Kingdom, H&R Block Financial Services, some CVS stores and some banks already use the platform.
\”Whether consumers want to send money, cash a check, pay a bill or load a prepaid card, or do it all, businesses can offer any combination of services through one seamless transaction,” Pamela H. Patsley, MoneyGram chairman and chief executive, said in a press release.
The new platform may aid the money-transfer company. Earlier this year Wal-Mart Stores Inc., which used MoneyGram for domestic transfers, announced it would use Euronet Worldwide Services for a new service providing wire transfers from and to the retailer’s 4,100 U.S. Supercenters and other Walmart-branded stores.
That deal was expected to transfer a large volume of wire transfers originated by MoneyGram to Euronet, which it appears to have done. MoneyGram’s total Walmart revenue in the third quarter represented 21% of total revenue compared with 27% in the year-ago quarter, said Patsley in a conference call with analysts. “The third quarter was the first full quarter with the competing Wal-Mart U.S. to U.S. white label product in the market,” Patsley said. “As a result U.S. to U.S. MoneyGram transactions originated at Wal-Mart declined 57% and revenue declined 60% versus the prior year.”
