DALLAS (June 30, 2015) (GLOBE NEWSWIRE) -- MoneyGram (NASDAQ:MGI), a global provider of innovative money transfer services, is expanding its official check network through a new agreement with Founders Federal Credit Union to provide official check services.
"MoneyGram remains an industry leader in official check services, offering one of the most comprehensive programs among outsourcing providers, and we are proud that Founders Federal Credit Union is placing its trust in us," says Pete Ohser, MoneyGram's executive vice president, business development. "We aim to help them gain efficiencies in daily balancing and reconciliation, fraud prevention, and more, while working to decrease operating expenses."
Lancaster, South Carolina-based Founders Federal Credit Union has more than $1.7 billion in assets and more than 200,000 members through 30 branches. MoneyGram will offer its services at all of the credit union's locations.
"Turning to MoneyGram to help us manage our official check program was an easy decision," says Tony Gilreath, senior vice president, chief financial officer of Founders Federal Credit Union. "We're excited to streamline our business and maximize efficiency while better serving our consumers."
MoneyGram has provided official check outsourcing to financial institutions since 1979, and offers a full suite of services spanning inventory management, real-time updates and daily balancing and reconciliation, for less than the cost of most in-house programs. The company also has maintained a strategic relationship with CUNA Strategic Services, which works to serve credit unions, for more than four decades.
About MoneyGram International, Inc.
MoneyGram is a global provider of innovative money transfer services and is recognized worldwide as a financial connection to friends and family. Whether online, or through a mobile device, at a kiosk or in a local store, we connect consumers any way that is convenient for them. We also provide bill payment services, issue money orders and process official checks in select markets. More information about MoneyGram International, Inc. is available at moneygram.com.
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Source:MoneyGram International, Inc.