The companies have entered into a strategic agreement to modernize and digitize the process of sending and receiving money overseas.

MoneyGram chairman and CEO Alex Holmes said: “We are pleased to work with Visa Direct to offer another quick and convenient option when customers need to send money to family and friends around the globe.”

Via Visa Direct, a real-time push payments platform, the companies will allow secure cross border remittances.

MoneyGram’s service will enable its users to select their preferred method of sending and receiving funds.

Visa Direct enables to leverage Visa’s global reach and scale to translate domestic and cross-border payments for businesses and consumers.

The deal with MoneyGram is said to be the first cross-border use case for Visa Direct transactions arising in the US.

The initial phase is comprised of two priority corridors, including the US to Mexico and the US to Philippines.

Later, the companies are planning to expand the deal to enable MoneyGram to speed up transactions to additional markets.

The deal allows both firms to send and receive money internationally quickly and seamlessly for customers across the globe, irrespective of borders or location.

MoneyGram’s money-transfer service enables customers to send money to over 200 countries from their computers and mobile devices, as well as through one of its multiple locations worldwide.

Visa North America push payments head and senior vice president Cecilia Frew said: “Visa Direct and MoneyGram share a common goal of helping consumers move money around the world with confidence, transparency and security.

“By pairing Visa Direct’s push payments technology with MoneyGram’s expansive network, we are giving consumers a more convenient payment choice when sending money to their loved ones around the world.”

MoneyGram provides money-transfer and payment services to the customers across the globe, as well as offers bill payment services, issue money orders and process official checks in select markets.

Visa’s global processing network, VisaNet, holds capacity to handle more than 65,000 transaction messages per second.