MoneyGram Company Description
MoneyGram Payment Systems banks on its customers, the more than 1,700 financial institutions to which it provides payment processing services. The subsidiary of MoneyGram International provides banks, thrifts, and credit unions with official checks (such as those commonly used in consumer loan closings); it also sells money orders through them and offers them clearinghouse services. MoneyGram Payment Systems charges fees for its services, but derives most of its revenue from investing the funds underlying the checks or money orders. The unit has generated more than a quarter of MoneyGram International's sales, but experienced losses in 2007.
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The Company Description provides a historical perspective of MoneyGram's organization from inception to current status.
Produced by Hoover's in-house editorial team, the Company Description tracks ownership transitions, company progress via mergers and acquisitions, major growth milestones, and strategic initiatives, to provide a holistic view of MoneyGram's evolution in the marketplace.
