MoneyGram
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| Public | |
| Traded as | NASDAQ: MGI |
| Industry | Financial services |
| Founded | 1940 |
| Headquarters | Dallas, Texas, U.S. |
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Key people
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Pam Patsley (Chairwoman) Alex Holmes (CEO) |
| Products |
Money transfers Money orders Official check Bill payment services |
| Website | MoneyGram.com |
MoneyGram International Inc. is a money transfer company based in the United States with headquarters in Dallas, Texas. It has an operation center in St. Louis Park, Minnesota and regional and local offices around the world. MoneyGram is a public company and listed under the ticker symbol MGI. MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products. The company works with individuals and businesses through a network of agents and financial institution customers.
MoneyGram is the second largest provider of money transfers in the world. The company operates in more than 200 countries with a global network of about 347,000 agent offices.
MoneyGram International was a result of two businesses merging, Minneapolis-based Travelers Express and Denver-based Integrated Payment Systems Inc. MoneyGram was initially established as a subsidiary of Integrated Payment Systems and then became independent company before it was acquired by Travelers in 1998. In 2004, Travelers Express became what is known today as MoneyGram International.
Minneapolis-based Travelers Express Co. Inc. was founded in 1940. A subsidiary of Viad Corporation, it became the nation's largest provider of money orders before initiating a company reorganization plan in 1993. By the late 1990s, MoneyGram Payment Systems had served customers at over 22,000 locations in 100 countries.
MoneyGram was formed in 1988 as a subsidiary of Integrated Payment Systems Inc. Integrated Payment Systems was a subsidiary of First Data Corporation, which was itself a subsidiary of American Express. In 1992, First Data was spun off from American Express and publicly traded on the . First Data Corporation later merged with First Financial, the owners of rival Western Union. In order to approve the merger, the Federal Trade Commission forced First Data to sell Integrated Payment Systems.
In 1996, Integrated Payment Systems, the nation's second largest non-bank consumer money transfer business, became its own publicly traded company and was renamed MoneyGram Payment Systems Inc. In 1997, James F. Calvano, former president of Western Union, became MoneyGram Payment Systems CEO.
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