MoneyGram and Sigue team upon payment services
With growing demand and pressure on payments networks, non-bank payment companies are trying to partner or acquire other payment companies to expand their network across businesses and regions in order to purvey the needs of their existing clients.
This week, MoneyGram which is a peer-to-peer (P2P) payments company has teamed up with Sigue Corporation which is a US-based P2P and B2B payments company under which the partnership would enable Sigue’s US customers base to access ‘MoneyGram’s domestic and international receive network, adding scale to Sigue’s existing global footprint’.
“Over the last few years, we’ve built a modern, mobile, and API-driven organization that enables companies to seamlessly plug into our global network to provide expanded services for their customers,” said Alex Holmes, MoneyGram Chairman and CEO.
Adding further he said, “Opening our global platform to companies as Sigue enables us to increase payment volumes through our network and process additive transactions”.
Last year, Ripper partnered with MoneyGram, the former became MoneyGram’s key partner for cross-border payment and foreign exchange settlement using digital assets.
The press note also states that the ‘MoneyGram and Sigue partnership is the most recent successful integration in the new MoneyGram as a Service business line’ and such partnerships expand processing volume by enabling other FIs to access the ‘Company’s global payout capabilities through its powerful API-driven infrastructure’.
“It (partnership) strengthens our market presence as the world’s leading privately owned remittance business and confirms our credentials as a leading technology innovator for the global money services industry,” said Guillermo de la Viña, Sigue CEO and Founder.
In March 2021, MoneyGram developed an API platform that would be available to other businesses and institutions.
Sagui is a P2P and B2B payments company having licenses in 50 US states and Puerto Rico and also offer payments services across six continents. The company has primary operational centres in the United States, India, and Mexico.