MoneyGram suspends service in Russia

MoneyGram plans to stop offering its services in Russia following the country’s ongoing invasion of Ukraine, a company statement said Friday (March 11).

The statement noted that the company joins “many voices in expressing our hope for a speedy and peaceful resolution to protect civilians in all affected areas and will continue to assess the situation.”

MoneyGram said its top priority is the safety of its employees and agents, partners and families.

The company said it was “in close contact” with colleagues who have been affected and will increase its support for Save the Children.

Additionally, MoneyGram has also approved an emergency grant for the Ukraine Relief Fund, according to the release.

“MoneyGram services remain available in Ukraine – both for individuals to receive funds in person or digitally directly to their bank account,” the statement said. “Every day we see more and more transactions being sent to Ukraine and neighboring countries like Poland as customers transfer money to their families who are increasingly in need during this crisis.”

See also: MoneyGram, Stellar Foundation Team with Techstars on a LatAm Blockchain Accelerator

PYMNTS wrote that MoneyGram has teamed up with the Stellar Development Foundation to partner with Techstars, the global network that helps entrepreneurs succeed through capital investments. They plan to launch a mentorship program aimed at the Latin American financial system, they said earlier this month.

A startup accelerator will select up to a dozen FinTechs for a 13-week immersion program in which they will work with mentors.

At the end, participants will pitch their vision for their business to a group of FinTech investors and stakeholders.

“Blockchain and digital assets are changing the cross-border payment process, allowing people to send money almost instantaneously and affordably across borders,” Stellar CEO Denelle Dixon said in a statement. “We believe we can improve access to the financial system for all participants, and we are proud to work with MoneyGram and Techstars to enable the next generation of innovators to build a more inclusive and accessible cross-border payments system that leverages take full advantage of 21st century technology.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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