October 25, 2014 11:26 AM ET

Consumer Finance

Company Overview of MoneyGram Payment Systems, Inc.

Company Overview

MoneyGram Payment Systems, Inc. operates as a non-bank provider of consumer money wire transfer services. It also provides an express bill payment service through its agent locations in the United States, as well as offered money orders. The company was founded in 1988 and is based in Lakewood, Colorado. MoneyGram Payment Systems, Inc. operates as a subsidiary of Moneygram International Inc.

7401 West Mansfield Avenue

Lakewood, CO 80235

United States

Founded in 1988

720 Employees





Key Executives for MoneyGram Payment Systems, Inc.

Secretary and General Counsel
Age: 59
Executive Vice President
Age: 62
Compensation as of Fiscal Year 2014.

MoneyGram Payment Systems, Inc. Key Developments

MoneyGram Plans to Close its 376-Person Brooklyn Park Facility and Lay Off 28 Workers at the End of June

MoneyGram plans to close its 376-person Brooklyn Park facility three years after moving its headquarters from the Twin Cities to Texas. The company will lay off 28 workers at the end of June and continue cutting until it closes the facility on December 31, 2015.

MoneyGram Payment Service to Lay Off at Least 28 Employees as it Closes its Facility in Brooklyn Center

MoneyGram Payment Services will lay off at least 28 employees as it closes its facility in Brooklyn Center. The company's Brooklyn Center facility employs 376 people, all of which will be laid off or relocated, the letter said. The company will continue to operate its St. Louis Park facility. The first round of 28 layoffs is expected June 30, with subsequent reductions in force to follow, leading up to the facility's closure on December 31, 2015.

MoneyGram Unveils Money Transfer Service in Myanmar

MoneyGram has announced the availability of international money transfer service in Myanmar. MoneyGram's initial services in Myanmar allow consumers to securely receive money from friends and family through these three banks, which have locations spread across the country. Each bank was selected for its reliability and reputation: MCB is a public bank, TFB is almost 20 years old and privately owned, and the parent company of AGD Bank owns large chain of banking businesses in the region. With the launch of money transfer services at these three banks, Myanmar consumers can receive funds from nearly 80 countries including Canada, Japan, Malaysia, Singapore, Thailand, UAE, and the UK.

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