Editing MoneyGram (section)

== History ==
MoneyGram International was formed when two businesses merged: [[Minneapolis]]-based Travelers Express and [[Denver]]-based Integrated Payment Systems Inc.<ref>{{Cite web |last=Vomhof |first=John |date=January 3, 2006 |title=MoneyGram to drop Travelers Express brand after merger |url=https://www.bizjournals.com/twincities/stories/2006/01/02/daily5.html |access-date=2022-04-27 |website=www.bizjournals.com}}</ref>

MoneyGram was established as a subsidiary of Integrated Payment Systems, later became an independent company, and was acquired by Travelers in 1998.<ref name="Western Union, Growing Faster Than Its Parent, Is to Be Spun Off">{{Cite news |last=Dash, Eric |date=27 January 2006 |title=Western Union, Growing Faster Than Its Parent, Is to Be Spun Off |work=[[The New York Times]] |url=https://www.nytimes.com/2006/01/27/business/27data.html?_r=0 |access-date=29 September 2014}}</ref><ref name="Viad raises offer to buy MoneyGram">{{Cite news |title=Viad raises offer to buy MoneyGram |work=The Denver Post}}</ref> In 2004, Travelers Express became what is today called MoneyGram International.

=== Travelers Express (1940–1997) ===
The Minneapolis-based Travelers Express Co. Inc. was founded in 1940.<ref name="MoneyGram remittance costs are just 5%">{{Cite web |date=8 February 2013 |title=MoneyGram remittance costs are just 5% |url=http://www.bizcommunity.com/Article/196/513/89002.html |access-date=29 September 2014 |publisher=Bizcommunity.com}}</ref> In 1965, Travelers Express was acquired by The Greyhound Corporation<ref>{{Cite web |date=7 January 1965 |title=Greyhound Corporation and Travelers Express |url=https://www.nytimes.com/1965/01/08/archives/greyhound-corporation-and-travelers-express.html |access-date=3 April 2018 |website=New York Times}}</ref> (later known as [[Viad Corporation|Viad Corp]]) and became the nation's largest provider of money orders before initiating a company reorganization plan in 1993.<ref>{{Cite news |last=Vrana, Debora |date=14 August 1993 |title=Travelers Express to Reorganize, Close Anaheim Office |work=[[Los Angeles Times]] |url=https://www.latimes.com/archives/la-xpm-1993-08-14-fi-23837-story.html |access-date=29 September 2014}}</ref>

===MoneyGram Systems (1988–1997)===
MoneyGram was formed in 1988 as a subsidiary of Integrated Payment Systems Inc.<ref name=greenland/><ref name="therecord">{{Cite news |date=January 17, 1996 |title=FIRST DATA SPINNING OFF MONEYGRAM UNIT. |publisher=The Record.}}</ref><ref>{{Cite news |title=Form 8-K |publisher=Securities & Exchange Commission |url=https://www.sec.gov/Archives/edgar/data/884219/0000884219-98-000015.txt |access-date=11 October 2014}}</ref> Integrated Payment Systems was a subsidiary of [[First Data|First Data Corporation]], which was itself a subsidiary of [[American Express]].<ref name="Western Union, Growing Faster Than Its Parent, Is to Be Spun Off" /> In 1992, First Data was spun off from American Express and publicly traded on the [[New York Stock Exchange]].<ref name="Western Union, Growing Faster Than Its Parent, Is to Be Spun Off" /><ref name=wsj98/> First Data Corporation later merged with First Financial, the owners of rival [[Western Union]].<ref name="Western Union, Growing Faster Than Its Parent, Is to Be Spun Off" /> In order to approve the merger, the [[Federal Trade Commission]] forced First Data to sell Integrated Payment Systems.<ref name=therecord/>

Thomas Cook Global Foreign Exchange, under the stewardship of John Bavister, launched a re-engineered money transfer service in 1994. Branded as MoneyGram, the venture saw the partnering of the global travel giant with First Data Corp.{{Citation needed|date=October 2024}}

In 1996, Integrated Payment Systems, the nation's second largest non-bank consumer money transfer business, became its own publicly traded company and was renamed MoneyGram Payment Systems Inc.<ref name="wsj98" /><ref name="therecord" /> In 1997, James F. Calvano, former president of Western Union, became MoneyGram Payment Systems CEO.<ref name="greenland" /> By the late 1990s, MoneyGram Payment Systems had served customers at over 22,000 locations in 100 countries.<ref name="greenland">{{Cite news |last=Greenland, Paul R. |year=2008 |title=MoneyGram International, Inc. |volume=94 |pages=315–318 |work=International Directory of Company Histories |publisher=Detroit: St. James Press |editor-last=Tina Grant}}</ref><ref name="wsj98">{{Cite news |last=Steven Lipin |date=6 April 1998 |title=Viad of Phoenix Agrees to Acquire Payments Firm for $287 Million |work=[[Wall Street Journal]] |url=https://online.wsj.com/news/articles/SB891806460809674000 |access-date=29 September 2014}}</ref>

MoneyGram International Ltd. was established in 1997 by MoneyGram Payment Systems Inc. and Thomas Cook,<ref>{{Cite web |title=MoneyGram Acquires Travelex Group's Interest in Joint Venture |url=https://businesswireindia.com/news/news-details/moneygram-acquires-travelex-groups-interest-joint-venture/2480 |access-date=2018-07-30 |website=businesswireindia.com}}</ref> a year after the company had gone public.<ref name="greenland" /> At the time when MoneyGram International was established, MoneyGram Payment Systems owned 51 percent of the company, while the other 49 percent was owned by the [[Thomas Cook Group]].<ref>{{Cite news |title=MONEYGRAM, THOMAS COOK FORM JOINT VENTURE FOR |publisher=Bloomberg |url=https://www.bloomberg.com/article/1997-02-12/aCDC3VghFqeE.html |access-date=11 October 2014}}</ref><ref>{{Cite news |title=Form 10-K |publisher=Securities & Exchange Commission |url=http://ir.moneygram.com/secfiling.cfm?filingid=950123-11-25682&cik= |url-status=dead |access-date=11 October 2014 |archive-url=https://web.archive.org/web/20141031143710/http://ir.moneygram.com/secfiling.cfm?filingid=950123-11-25682&cik= |archive-date=31 October 2014}}</ref>

===MoneyGram International (1998–present)===
In April 1998, Viad Corp acquired MoneyGram Payment Systems Inc.<ref name="Viad raises offer to buy MoneyGram" /><ref>{{Cite news |last=Vandeveire |first=Mary |date=29 May 1998 |title=Viad buys MoneyGram for $219 M |publisher=The Business Journal - Serving Phoenix & the Valley of the Sun}}</ref> for $287 million.<ref name=wsj98/> MoneyGram was then folded into Viad's Travelers Express in [[Minneapolis]].<ref name=wsj98/> In November 2000, the MoneyGram brand and business was sold to Travelex as part of its acquisition of Thomas Cook Financial Services for £400m. In 2003, Travelers Express gained full ownership of the MoneyGram network, including MoneyGram International.<ref name="greenland" /> Later that year, Viad spun off Travelers Express as an independent company.<ref name="businessjournal2007">{{Cite web |last=Tom Smith |date=22 March 2007 |title=35. MoneyGram International Inc. |url=http://www.bizjournals.com/twincities/stories/2007/03/26/focus10.html |access-date=20 November 2014 |publisher=Minneapolis/St. Paul Business Journal}}</ref> In January 2004, Travelers Express was renamed to MoneyGram International Inc.<ref name="businessjournal2007" /><ref>{{Cite news |date=1 July 2004 |title=Viad completes MoneyGram spinoff |work=Phoenix Business Journal |url=http://www.bizjournals.com/phoenix/stories/2004/06/28/daily40.html?page=all |access-date=20 November 2014}}</ref> In June 2004, Viad sold MoneyGram and it became a publicly traded, individual entity.

By 2006, MoneyGram International had expanded internationally to include over 96,000 agents in regions such as the Asian-Pacific, Eastern Europe, and Central America.<ref name=greenland/> The company had also introduced additional services such as [[Invoice|bill payment]] and online money transfers.

During the [[2008 financial crisis]], MoneyGram's shares fell 96% from 2007 to 2009.<ref name="startribune2014">{{Cite news |last=Jennifer Bjorhus |date=12 May 2014 |title=MoneyGram closing Brooklyn Center offices; 28 to lose jobs June 30 |work=Star Tribune |url=http://www.startribune.com/business/258992781.html |access-date=20 November 2014}}</ref> It lost more than $1.6 billion from investments in securities backed by risky mortgages in 2008, and the losses led the company to sell a majority stake to [[Thomas H. Lee Partners]] and [[Goldman Sachs]] in exchange for a cash infusion.<ref>{{Cite web |last1=Tara Lachapelle |last2=Brooke Sutherland |last3=Matthew Monks |date=21 June 2013 |title=MoneyGram Seen Cashing In at Decade-High Price: Real M&A |url=https://www.bloomberg.com/news/2013-06-21/moneygram-seen-cashing-in-at-decade-high-price-real-m-a.html |access-date=20 November 2014 |publisher=Bloomberg}}</ref> During the drop, [[U.S. Bancorp]] shifted its money transfer services to [[Western Union]].<ref name="startribune2009">{{Cite news |last=Chris Serres |date=31 March 2009 |title=MoneyGram paid ex-CEO $13.1 million |work=Star Tribune |url=http://www.startribune.com/business/42218222.html?page=all&prepage=1&c=y#continue |access-date=20 November 2014}}</ref> The company became profitable again in 2009.<ref name=startribune2009/>

Amid MoneyGram's turnaround, [[Pam Patsley|Pamela Patsley]] became the executive chairwoman of the company in January 2009 and was later named CEO in September of that year.<ref>{{Cite news |last=Shashana Pearson-Hormillosa |date=30 November 2012 |title=MoneyGram CEO Pamela Patsley works to build new company legacy |work=Dallas Business Journal |url=http://www.bizjournals.com/dallas/print-edition/2012/11/30/moneygram-ceo-pamela-patsley-works-to.html?page=all |access-date=20 November 2014}}</ref><ref name="dmagazine">{{Cite web |last=Karen Nielsen |date=November 2011 |title=MoneyGram's Turnaround Artist |url=http://www.dmagazine.com/publications/d-ceo/2011/november/moneygrams-turnaround-artist?single=1 |access-date=20 November 2014 |publisher=D Magazine}}</ref> In November 2010, MoneyGram officially relocated its global headquarters to [[Dallas|Dallas, Texas]].<ref name=startribune2014/><ref name=dmagazine/> The company continues to maintain global operations and information technology centers in Minneapolis, Minnesota.<ref name=startribune2014/>

In 2014, after MoneyGram lost a relationship with Wal-Mart, it began restructuring to cut costs. From a peak in 2013 until late 2015, shares fell about 70%.<ref name=wsj-ant/> MoneyGram closed a call center in Lakewood, Colorado resulting in over 500 layoffs, and closed its 376-person [[Brooklyn Center]] operation in 2015.<ref>{{Cite web |title=MoneyGram is closing its 376-person Brooklyn Center operation - MoneyGram |url=https://www.companyowl.com/i/n/moneygram-closing-376person-brooklyn-center-operation/718847 |website=www.companyowl.com}}</ref> MoneyGram moved numerous positions to Warsaw, Poland from its Colorado and Minnesota locations to cut costs further.<ref>{{Cite web |title=Cash transfer firm MoneyGram to create 500 jobs at new Warsaw unit » Poland Today |url=http://poland-today.pl/portal/business/banking--finance/cash-transfer-firm-moneygram-to-create-500-jobs-at-new-warsaw-unit- |url-status=dead |archive-url=https://web.archive.org/web/20160306082212/http://poland-today.pl/portal/business/banking--finance/cash-transfer-firm-moneygram-to-create-500-jobs-at-new-warsaw-unit- |archive-date=2016-03-06 |access-date=2016-03-01}}</ref> 

In 2015, the company's agent network in Africa reached 25,000 locations, including an agreement with the [[Mauritius]] Post Office.<ref>{{Cite web |last=Marc Mcilhone |date=18 February 2015 |title=MoneyGram Reaches 25,000 Locations Across Africa |url=http://africanbrains.net/2015/02/18/moneygram-reaches-25000-locations-across-africa/ |access-date=7 April 2015 |publisher=African Brains}}</ref><ref>{{Cite web |last=Masahudu Ankiilu Kunateh |date=19 February 2015 |title=Africa: Moneygram Reaches 25,000 Locations in Africa |url=http://allafrica.com/stories/201502191531.html |access-date=7 April 2015 |publisher=All Africa}}</ref>

Between late October 2016 and January 2017, MoneyGram's shares doubled in value.<ref name="wsj-ant">{{Citation |last1=Carew |first1=Rick |title=China's Ant Financial, Owned by Trump Ally Jack Ma, Makes U.S. Play |date=January 26, 2017 |url=https://www.wsj.com/articles/alibaba-financial-affiliate-ant-nears-deal-to-buy-moneygram-international-1485417841 |access-date=January 27, 2017 |publisher=Wall Street Journal |last2=Demos |first2=Telis}}</ref> On January 26, 2017, [[Ant Financial Services Group]] announced a deal to acquire MoneyGram International for $880 million; the deal subsequently collapsed after it was rejected by the [[Committee on Foreign Investment in the United States]].<ref name=wsj-ant/><ref>{{Cite news |last=Roumeliotis |first=Greg |date=2018-01-02 |title=U.S. shoots down MoneyGram's sale to China's Ant Financial |work=Reuters |agency=Reuters |url=https://www.reuters.com/article/us-moneygram-intl-m-a-ant-financial/u-s-shoots-down-moneygrams-sale-to-chinas-ant-financial-idUSKBN1ER1R7?il=0}}</ref>

On June 17, 2019, MoneyGram announced a partnership with [[Ripple Labs|Ripple]] to utilize the digital asset XRP for cross-border remittance. Within 6 months, in February 2021 MoneyGram announced the end of the partnership after the [[U.S._Securities_and_Exchange_Commission|US Securities and Exchange Commission]] sued Ripple for violating investor protection laws; <ref>{{Cite web |date=26 February 2021 |title=MoneyGram's Decision to Halt Ripple Partnership Leaves CFO With Earnings Hole |url=https://www.wsj.com/articles/moneygrams-decision-to-halt-ripple-partnership-leaves-cfo-with-earnings-hole-11614349800 |website=WSJ}}</ref> later that year MoneyGram announced a new partnership with Ripple's competitor [[Stellar_(payment_network)|Stellar]] to facilitate cross-border blockchain transactions settled in the USDC stablecoin.<ref>{{Cite web |date=6 October 2021 |title=MoneyGram Partners With Ripple Competitor Stellar, Will Settle Transactions With USDC Stablecoin |url=https://www.forbes.com/sites/ninabambysheva/2021/10/06/moneygram-partners-with-ripple-competitor-stellar-will-settle-transactions-with-usdc-stablecoin/?sh=224577384db4 |website=Forbes}}</ref>

In July 2020, Digital Financial Services LLC and MoneyGram have collaborated to provide overseas remittance services in the UAE. Through this partnership, eWallet consumers would be able to initiate real-time foreign money transfers to friends and families in more than 200 countries and territories around the world through a network of mobile wallet providers, bank account deposit facilities, and more than 350,000 walk-in locations.<ref>{{Cite web |date=5 July 2020 |title=Digital Financial Services partners with MoneyGram to offer eWallet services in the UAE |url=https://www.commsmea.com/business/trends/22145-digital-financial-services-partners-with-moneygram-to-offer-ewallet-services-in-the-uae |access-date=28 July 2020 |website=CommsMEA}}</ref>

In February 2022, MoneyGram agreed to be acquired for $1 billion in cash by Madison Dearborn Partners, a private equity firm.<ref>{{Cite web |date=15 February 2022 |title=MoneyGram to Be Bought by Madison Dearborn for $1 Billion |url=https://www.bloomberg.com/news/articles/2022-02-15/moneygram-to-be-bought-by-madison-dearborn-for-about-1-billion |website=Bloomberg}}</ref> The acquisition was completed in June 2023.