MoneyGram International, Inc. (NASDAQ:MGI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On March30, 2018, MoneyGram Payment Systems, Inc. (“MPSI”), a subsidiary of MoneyGram International, Inc. (the “Company” or “MoneyGram”), and Wal-Mart Stores, Inc. (“Walmart”) entered into Amendment No.8 to Amended and Restated Master Trust Agreement, in order to incorporate money transmission services offered by Walmart under the name “Walmart2World” (the “Walmart2World Amendment”).
The Walmart2World Amendment has an initial term of two years, commencing on March30, 2018, and will be subject to automatic successive renewals of one-year terms unless either party gives notice to the other party of its election to terminate the Amended and Restated Master Trust Agreement at least 180 days prior to the expiration of the applicable term. The Walmart2World Amendment will also extend the term of the services provided under the Amended and Restated Master Trust Agreement to run concurrently with the Walmart2World Amendment.
to the Walmart2World Amendment, Walmart will provide Walmart2World money transfer services initiated at an agent location in the United States and disbursed at a MoneyGram Agent location outside of the United States or Puerto Rico. MoneyGram will also offer the Walmart2World money transfer services on the Co-Branded MTaas Website. Also, in connection with the services to be provided to the Walmart2World Amendment, MPSI has agreed to certain expenditures for marketing, innovation, growth and development initiatives.
On April3, 2018, the Company issued a press release announcing the signing of the Walmart2World Amendment. The press release is attached to this report as Exhibit 99.1 and is incorporated herein by reference.
Additionally, on March30, 2018, MPSI and Walmart entered into Amendment No.9 to Amended and Restated Master Trust Agreement, in order to reduce the Bill Payment transaction service commissions paid to Walmart for any new billers (i.e., billers not in existence prior to the effective date of Amendment No.9).
Item 1.01 Financial Statements and Exhibits.
(d) Exhibits
MONEYGRAM INTERNATIONAL INC ExhibitEX-99.1 2 d523517dex991.htm EX-99.1 EX-99.1 Exhibit 99.1 MoneyGram and Walmart Launch Walmart2World,…To view the full exhibit click here
About MoneyGram International, Inc. (NASDAQ:MGI)
MoneyGram International, Inc. is a provider of money transfer services. The Company operates through two segments: Global Funds Transfer and Financial Paper Products. The Company’s Global Funds Transfer segment offers money transfer services and bill payment services primarily to unbanked and underbanked consumers. It utilizes point-of-sale platforms, including AgentConnect, DeltaWorks, Delta T3 and MoneyGram Online. The bill payment service includes ExpressPayment service. The Company offers its services under the MoneyGram brand. The Company’s Financial Paper Products segment offers money orders to consumers through its retail agents and financial institutions located across the United States and Puerto Rico. Its Financial Paper Products segment provides official check outsourcing services for financial institutions across the United States. The Company also offers Digital/Self-Service solutions, such as moneygram.com, mobile solutions, account deposit and kiosk-based services.