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MoneyGram (NASDAQ: MGI), a leading global money transfer and payment services company, today announced a five-year renewal of its agreement with Pennsylvania-based Members 1st Federal Credit Union to provide check services through its PrimeLink® Official Check outsourcing program.
This program offers financial institutions a cost-efficient way to manage clients' checks, including daily balancing and reconciliation, inventory management and real-time updates through a state-of-the-art online platform.
“We provide one of the most advanced official check processing programs in the industry to more than 1,000 financial institutions and 7,000 bank branches in the country,” said Pete Ohser, MoneyGram’s executive vice president, United States and Canada. “With a relationship spanning a decade, Members 1st Federal Credit Union is a valued MoneyGram client, and we are pleased that our service has played an integral role in the company’s day-to-day operations. We look forward to serving the business and its customers as our relationship continues to grow.”
MoneyGram has supported the credit union with its PrimeLink® Official Check service since 2004. The company also helps prevent fraud losses by identifying fraudulent checks and provides significant support to credit union personnel who use the program.
“MoneyGram has been a strong ally assisting us in mitigating fraud losses,” said Stephen Murray, executive vice president of finance of Members 1st Federal Credit Union. “Beyond fraud prevention, we’ve also found MoneyGram’s effective and reliable web-based platform, customer care and reliability to be critical to the success of our continued relationship.”
Members 1st Federal Credit Union has more than $2.6 billion in assets and more than 200,000 members throughout South Central Pennsylvania.
About MoneyGram International, Inc.
MoneyGram, a leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs. MoneyGram offers money transfer services worldwide through a global network of 339,000 agent locations - including retailers, international post offices and financial institutions - in more than 200 countries and territories. MoneyGram also offers bill payment services in the U.S. and Canada.