US financial service MoneyGram joins forces with Plaid to launch Pay by Bank in the United States
MoneyGram, a leading cross-border payment service provider, has announced a strategic partnership with Plaid, a renowned Pay by Bank provider. This collaboration significantly expands payment options for users by enabling direct bank account linking and facilitating instant pay-ins and payouts via Plaid’s multi-rail payment platform.
With MoneyGram's cross-border payment network spanning over 200 countries and territories and serving more than 50 million customers each year, this partnership is a clear step forward in MoneyGram's mission to make cross-border payments seamless, affordable, and secure for everyone.
The partnership with Plaid allows users to link their bank accounts directly using Plaid’s secure and user-friendly interface during MoneyGram transactions, enabling bank-to-bank payments without intermediaries like cards. This not only simplifies the payment journey for MoneyGram’s customers but also increases adoption and satisfaction, especially for digital-first users who prefer bank-based payments over cash or cards.
In terms of cross-border transactions, this collaboration enhances MoneyGram’s ability to offer faster, more seamless international money transfers by leveraging Plaid’s technology to verify accounts and execute payments instantly. This reduces friction and delays common in traditional cross-border payments, thereby improving accessibility and confidence for users sending money internationally.
Plaid's instant pay-in and pay-out capabilities, supported by its Transfer platform, accelerate transaction times for remittances. Additionally, using Plaid’s tools to connect and verify bank accounts adds layers of fraud prevention and risk reduction for cross-border money movement.
MoneyGram customers will benefit from Plaid's instant account verification combined with MoneyGram’s compliance and anti-fraud systems. This partnership represents a strategic enhancement of payment infrastructure, driving greater efficiency, security, and convenience in both domestic and international money transfer markets.
Anthony Soohoo, MoneyGram’s chief executive officer, stated that the partnership with Plaid expands MoneyGram’s global capabilities to deliver faster, more secure payments for customers. Plaid, a Platinum Partner of Open Banking Expo USA 2025, which takes place in New York on June 26, is a trusted network that covers thousands of banks and credit unions across the United States, Canada, Europe, and the United Kingdom.
According to research by Plaid, more than 85% of financial technology users prefer Pay by Bank for its "ease, speed, and added security". Furthermore, over 75% of US consumers say that linking their bank accounts with financial apps is important. This partnership is expected to be rolled out to additional markets later this year.
Further reading is available on the Plaid fundraise in 2024 and the Open Banking Expo USA 2025.
- MoneyGram's partnership with Plaid aims to improve cross-border payment security by leveraging Plaid's technology for instant account verification and fraud prevention.
- The collaboration between MoneyGram and Plaid allows users to link their bank accounts securely during transactions, facilitating bank-to-bank payments and increasing adoption among digital-first customers.
- With Plaid's capabilities in instant pay-ins and pay-outs, this partnership is expected to accelerate transaction times for remittances, providing a faster and more efficient solution for MoneyGram customers.
- Plaid, a leading player in the global finance technology arena and a Platinum Partner of Open Banking Expo USA 2025, covers thousands of banks across various regions, including the US, Canada, Europe, and the UK, further enhancing MoneyGram's global capabilities in cross-border payments.
