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MoneyGram bolsters technology platforms with acquisition of Nexxo

MoneyGram will use Nexxo technology to expand its money transfer kiosk platform and broaden its service offerings for banks and credit unions.

September 16, 2014

MoneyGram, a money transfer and payment services company, has acquired the assets of Nexxo Financial Corp., a provider of alternative financial services technology.

MoneyGram will use Nexxo technology to enhance its money transfer kiosk platform and broaden its service offerings for banks and credit unions, the company said in a press release.

Nexxo's multichannel platform allows financial institutions to deploy and manage an integrated suite of alternative financial services such as check cashing, prepaid cards, money transfer, and bill payments.

The platform enables banks and credit unions to provide alternative financial service options to their customers in a seamless and compliant manner. Integrated connectivity to major financial service providers, means that the system can be deployed with minimal integration costs across any channel, the release said.

“We are very excited about acquiring Nexxo’s additional technology assets and deepening our self-service talent and capabilities," said Pete Ohser, MoneyGram executive vice president for the U.S. and Canada. "MoneyGram's strong brand, leading products and global reach provides market leverage for the talented Nexxo team. Together, we will deploy innovative products to provide consumers with greater access to critical financial services.”