DALLAS (9/10/14)--MoneyGram, a global money transfer and payment services company, has acquired the assets of Nexxo Financial Corp., a supplier of alternative financial services technology.
MoneyGram is a CUNA Strategic Services alliance provider.
MoneyGram will use Nexxo's technology to expand its money transfer kiosk platform and broaden its service offerings for credit unions and banks. Nexxo's multichannel platform enables financial institutions to deploy and manage alternative financial services, such as check cashing, prepaid cards, money transfer and bill payments.
"MoneyGram's strong brand, leading products and global reach provides market leverage for the talented Nexxo team," says Pete Ohser, MoneyGram's executive vice president of the United States and Canada. "Together, we will deploy innovative products to provide consumers with greater access to critical financial services."
MoneyGram already provides access to financial services for consumers who are not fully served by traditional institutions. The company said this acquisition is an important step toward achieving an overall strategy of offering consumers more choices and new channels to access its services.