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
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
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
"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
www.moneygram.com. For more information on Travelers Express go to
www.travelersexpress.com, for Viad Corp, www.viad.com. For more information on
Transcard Canada Limited go to www.transcardinter.com.
MoneyGram Payment Systems, Inc
Brad Parker, 602/207-1049