November 2, 2000

MoneyGram and Transcard Canada to Transmit and Distribute Funds in Cuba

Yahoo! BUSINESS WIRE, Thursday November 2, 1:15 pm Eastern Time. Press Release.

LAKEWOOD, Colo.--(BUSINESS WIRE)--Nov. 2, 2000--MoneyGram Payment Systems, Inc., and Transcard Canada Limited have agreed to transmit and distribute funds in the Republic of Cuba.

Under an exclusive agreement, selected MoneyGram agents in the U.S. will begin using Transcard's proprietary stored-value card system to transfer funds to Cuba.

Transcard is a closely-held Canadian money transfer company that specializes in money transfers to the Republic of Cuba. MoneyGram is a leading money transfer services company with more than 30,000 locations and 135 countries around the world.

"Together the two companies are developing a system that will enable MoneyGram to use Transcard's existing system to transmit funds from the U.S. to Cuba over the Internet and to distribute those funds using Transcard's proprietary stored-value cards,'' said Antonio Samour, marketing manager for MoneyGram.

Transcard's president, Mario Russo, said the funds received from the U.S. are credited to secure card accounts in Canada. Recipients then register for and receive their Transcards in Cuba.

"Once loaded with pre-paid credit, the Transcard can be used for cash advances or purchases at over 3,300 retail merchant locations across Cuba,'' he said. "Currently, close to 100,000 Cubans access and control their Transcard accounts via touch-tone telephone, interactive voice recognition or over the Internet.''

Samour said the Transcard eliminates the problems commonly associated with carrying cash.

"To use the card, you just swipe it through a Point of Sale (POS) terminal and enter your Personal Identification Number (PIN),'' he said. "The PIN protects the cardholder against unauthorized use. If a card is lost or stolen, it can be replaced with its value intact.''

"There is a substantial demand for a U.S. to Cuba corridor for money transfer services,'' he said. "The system we are putting together will allow for fast, secure transfers and give the receiver an unparalleled degree of convenience and flexibility.''

MoneyGram is a subsidiary of Travelers Express Company, Inc., which is owned by Viad Corp, a $1.6 billion company traded on the New York Stock Exchange under the symbol VVI. Travelers Express provides payment services in the financial, retail and money transfer areas. To find a MoneyGram agent, go to For more information on Travelers Express go to, for Viad Corp, For more information on Transcard Canada Limited go to


MoneyGram Payment Systems, Inc
Brad Parker, 602/207-1049


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