MoneyGram, Sigue Partner On Payments-As-A-Service Initiative

MoneyGram is partnering with peer-to-peer (P2P) and business-to-business (B2B) company Sigue in order to expand the latter’s scale and payout capabilities, according to a press release.

Sigue can access MoneyGram’s domestic and international network, which will boost the company’s existing global footprint, the release stated.

The partnership between the two companies is the latest in the MoneyGram-as-a-Service business line, which helps expand processing volumes by letting other financial institutions (FIs) access its global payout capabilities via its application programming interface (API)-driven infrastructure and technology, according to the release.

MoneyGram Chairman and CEO Alex Holmes said in the release that the company has 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,” which Sigue will now be a part of.

“Opening our global platform to companies like Sigue enables us to increase payment volumes through our network and process additive transactions,” he said, according to the release. “MoneyGram has built an extremely valuable, tech-enabled and scalable global payments infrastructure that can absorb significant volume at very low marginal cost. As other companies plug into our platform, we have the opportunity to create meaningful processing revenue in the years ahead, and I’m excited about the momentum in the market leading to a strong partnership pipeline.”

Sigue CEO and Founder Guillermo de la Viña said in the release that the partnership “reaffirms our commitment to serving millions of families through our secure, reliable and innovative services, with the dignity and respect our customers demand and deserve.”

“The partnership further enables Sigue to better serve our customers by expanding our commitment to provide the value-added services that our customers and agent base expect, which is the cornerstone of our success,” he added, according to the release.

MoneyGram-as-a-Service rolled out last month, PYMNTS reported.