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- Visa Inc. closed on its acquisition of Earthport, a provider of cross-border payments services. The card network says it expects the acquisition to allow it to access “the vast majority of the world’s banked population” to allow them to move money globally. Earthport earlier this year had been the object of an intense bidding war between Visa and rival network Mastercard Inc., which Visa won with an offer valued at $320.4 million.
- MoneyGram International Inc. reported first-quarter revenue of $315.4 million, down from $380 million in 2018. The company’s net loss totaled $13.5 million, compared to net income of $7.1 million in the year-ago quarter. Digital revenue for the quarter amounted to 16% of the company’s $273.3 million in money-transfer revenue. Management blamed the drop in revenue on seasonality and “de-risking initiatives” that were started last year.
- Wire-transfer leader The Western Union Co. said consumer-to-consumer revenues, which represented 79% of total first-quarter company revenue, declined 3% year-over-year on a reported basis to $1.06 billion, flat on a constant-currency basis. C2C transactions grew 2%. WesternUnion.com revenues grew 17%, 19% on a constant-currency basis, on a 19% increase in transactions and generated 13% of total C2C revenue.
- Online and mobile bill-pay network doxo Inc. has integrated Plaid, a service that lets users see their bank balances in real time as they pay bills.
- International money-transfer provider Flywire said it is working with China’s UnionPay International to renew a program in which Chinese students and patients can get discounted foreign-exchange rates on cross-border tuition and health-care remittances. The effort continues a program the two companies first launched last spring.
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