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FRAMINGHAM, Mass. -- Cumberland Farms and MoneyGram International have reached an agreement to formulate the MoneyGram Xpress service. The deal marks the launch of the money transfer service.
The new in-lane money transfer service allows consumers to purchase pre-packaged money transfers in $50, $100 and $200 denominations and redeem them online or by telephone to complete the transaction, according to a release.
"As the newest agent for MoneyGram, we look forward to marketing this safe, efficient and cost-effective money transfer service to our loyal base of customers," said Mike Esposito, category manager for Cumberland Farms. "We fully expect this innovative MoneyGram Xpress service to appeal to our customers throughout the regions where we operate."
Cumberland Farms is the first national in-lane prepaid money transfers rollout with MoneyGram and its processing partner, Ceridian Stored Value Solutions. The MoneyGram and SVS arrangement gives MoneyGram core processing capabilities in more than 40 countries, including Canada, Hong Kong, Russia, the United Kingdom, the United States and countries in the European Union.
"Cumberland Farms' focus on convenience and giving great customer service mirrors the values of MoneyGram," said Stu Kiefer, MoneyGram vice president of product management. "The company's 50-year history of providing its customers with quality products and services and its network of stores makes Cumberland Farms a perfect venue for our MoneyGram Xpress service."
According to Bob Skiba, InComm executive vice president, the new MoneyGram Xpress prepaid money transfers allow consumers to pay for the transfer amount and fees at the same time as they make other retail purchases, and then actually make the transfer when convenient for them -- online or by phone. Consumers using the service can send money to any MoneyGram agent location around the world. InComm is the industry leading marketer, distributor and technology innovator of stored-value gift and prepaid products using its point-of-sale transaction technology and payment solutions to revolutionize retail product sales and customer experiences.
"MoneyGram Xpress broadens ways to access money transfer services, and – for many consumers – assists with time and money management," Skiba said.
According to Kiefer, the InComm partnership gives MoneyGram the opportunity to take this product to 19 countries and 250,000 unique retailer doors.