July 28, 2016 6:18 AM ET

Consumer Finance

Company Overview of MoneyGram Payment Systems, Inc.

Company Overview

MoneyGram Payment Systems, Inc. provides money transfer and remittance services. It also provides express bill payment services through its agent locations in the United States. The company was founded in 1988 and is based in Lakewood, Colorado. MoneyGram Payment Systems, Inc. operates as a subsidiary of Moneygram International Inc.

7401 West Mansfield Avenue

Lakewood, CO 80235

United States

Founded in 1988

720 Employees

Phone:

303-716-6800

Fax:

303-980-3339

Key Executives for MoneyGram Payment Systems, Inc.

Executive Vice President, Director and General Manager - International
Age: 64
Compensation as of Fiscal Year 2016.

MoneyGram Payment Systems, Inc. Key Developments

Office of Attorney General Announces $13 Million Settlement with MoneyGram Payment Systems, Inc

Pennsylvania Attorney office announced a $13 million settlement with MoneyGram Payment Systems, Inc. The settlement resolves a multistate investigation which focused on complaints of consumers who used MoneyGram's wire transfer service to send money to third parties who were involved in schemes to defraud consumers. In addition to Pennsylvania, 48 states and the District of Columbia participated in this settlement. This action was filed in the form of an assurance of voluntary compliance and has two main components. First, MoneyGram has agreed to pay a total of $13 million to the participating states to fund a nationwide consumer restitution program. Part of that sum also will cover the states' costs and fees associated with the investigation. Second, MoneyGram has agreed to maintain and continue to improve a comprehensive and robust anti-fraud programdesigned to help detect and prevent consumers from suffering financial losses as a result of these types of fraud-induced wire transfers. The program must be documented in writing and, at a minimum, must include the following elements: Mandatory documented compliance training for agents; Specific guidelines regarding when an agent's conduct warrants suspension or termination; Suspension or termination of agents who fail to take commercially reasonable steps to reduce fraud-induced money transfers; A hotline system - telephonic and electronic - in which employees and agents can report noncompliance with anti-fraud measures; Sound mechanisms to evaluate actual fraud rates and consumer losses from fraud-induced money transfers; and Continued enhancement of technology solutions, including an Anti-Fraud Alert System (AFAS). The settlement provides for an independent third party settlement administrator who will review MoneyGram records and send notices regarding restitution to all consumers who are eligible to receive restitution under this settlement. Generally, consumers who are eligible for restitution previously filed complaints with MoneyGram between July 1, 2008 and Aug. 31, 2009 regarding fraud-induced transfers sent from the U.S. to foreign countries other than Canada.

MoneyGram Partners with Travel Money Group

MoneyGram reported that it has renewed its agreement with the Travel Money Group.

EcoCash Strikes Moneygram Partnership, Move Set to Boost Cash Inflows

EcoCash has partnered with MoneyGram to expand its money transfer service worldwide while fulfilling its corporate responsibility to boost financial inflows into Zimbabwe. The new partnership allows EcoCash to widen its reach more than 200 world countries already being serviced by MoneyGram.

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