MoneyGram International, Inc, announced today that ACE Cash Express, Inc, has agreed to a multi-year extension of its contract to offer MoneyGram payment services at its locations across the U.S. ACE's contract, which includes MoneyGram's money transfer, ExpressPayment and money order services, would have expired at the end of 2009.
ACE, which is headquartered in Texas, is the country's largest check cashing company. It first offered MoneyGram's money transfer service in 1989. Today, it is ranked as MoneyGram's second largest money transfer agent, in terms of transaction volume processed at ACE locations.
"We are pleased to continue a long and successful relationship with MoneyGram International. ACE customers know MoneyGram as the affordable, reliable and convenient choice, said Jay B. Shipowitz, president and chief executive officer of ACE. "We have extended a long-term agreement that ensures our customers will receive consistent, quality service throughout ACE's network.
"We have both grown together, said Dan O'Malley, senior vice president and president of the Americas for MoneyGram. "With its expanding number of locations, ACE is an important part of our network in the U.S., helping us deliver the convenience that's so valued by our customers.
About ACE
ACE Cash Express, Inc. is a leading retailer of financial services, including short-term consumer loans, check cashing, bill payment and prepaid debit card services, and the largest owner and operator of check cashing stores in the United States. As of December 31, 2007, ACE had a network of 1,735 stores in 38 states and the District of Columbia, consisting of 1,622 company-owned stores and 113 franchised stores. ACE focuses on serving consumers, many of whom seek alternatives to traditional banking relationships in order to gain convenient and immediate access to financial services.
About MoneyGram International, Inc.
MoneyGram International, Inc. (NYSE: MGI) is a leading global payment services company. The company's major products and services include global money transfers, money orders and payment processing solutions for financial institutions and retail customers. MoneyGram is a New York Stock Exchange listed company, with $1.16 billion in revenue in 2006 and approximately 143,000 global money transfer agent locations in 170 countries and territories. For more information, visit the company's website at www.moneygram.com.
