MoneyGram International Inc. MGI has signed a new agreement with Founders Federal Credit Union to provide official check services.
Per the agreement, the money transfer, bill payment and check processing company will process the official checks of more than 200,000 Founders Federal Credit Union members, through 30 branches.
Moneygram has a number of tie-ups with different corporations for its check processing services. In May 2015, the company renewed a long-standing agreement with Bremer Bank; in Jul 2014, the company renewed a five-year agreement with PA-based Members 1st Federal Credit Union and in 2013, Moneyram fortified its association with Susquehanna Bancshares and Mountain America Credit Union, to provide official check services.
Moneygram is a leading funds transfer and payment services company that offers a complete official check outsourcing solution. This service provided by the company since 1979 consists of a full package including inventory management, real-time updates and daily balancing and reconciliation, for less than the cost of most in-house programs. This service thus enables corporations to quickly maximize revenues and operational efficiencies.
Moneygram check processing services are facilitated through its high-tech online platform − MoneyGram PrimeLink Official Check. This advanced web-based service providing solutions not only makes customers’ banking experience smooth, but also mitigates the risk of fraud by swiftly identifying any sham transaction.
Given the hike in losses in the financial services industry due to fraud and money laundering, we believe that MoneyGram’s PrimeLink Official Check has a huge potential for secure and reliable money management. Hence, this contract extension is expected to significantly boost the company’s financials.
While Moneygram carries a Zacks Rank #3 (Hold), outperformers in the financial sector include Total System Services, Inc. TSS, Global Payments Inc. GPN and Green Dot Corporation GDOT. All these stocks carry a Zacks Rank #2 (Buy).
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