MoneyGram and Plaid are extending their open banking collaboration from the US into key European markets, aiming to streamline cross-border money transfers and challenge traditional card-based systems with more secure, cost-effective bank-centric solutions.

MoneyGram and Plaid recently announced that they’re expanding their successful open banking partnership from the U.S. into some key European markets. Basically, they want to improve pay-by-bank options for both domestic and cross-border money transfers. This move lets MoneyGram customers link and verify their bank accounts via Plaid’s open banking tech, offering a secure and pretty smooth alternative to using cards or cash.

This isn’t just a standalone step—it’s a continuation of the U.S. rollout, where MoneyGram used Plaid’s APIs to make funding flows easier, cut down on friction, and bring costs lower. As MoneyGram CEO Anthony Soohoo put it, their European ambitions are driven by the goal to save customers “time, effort and money,” by making cross-border payments faster and more efficient. Meanwhile, Brian Dammeir, Plaid’s Head of Payments, mentioned that the initial focus was on empowering consumers, but now, with this expansion, they’re trying to make money movement within Europe and across borders more seamless.

By going this route, both companies position themselves right at the forefront of that exciting trend toward open banking-driven payments—something that’s really starting to chip away at the old-school dominance of traditional card networks. Data from the U.S. market shows a pretty strong uptake of direct bank funding, which proves the model works and might be ready for a wider, global scale. As digital wallets become more popular globally and real-time payment systems get more advanced, this partnership underlines the shift toward bank-centric payment flows—especially in cross-border contexts where saving costs and boosting efficiency are critical factors.

Plaid’s expansion across Europe syncs up well with this overall strategy. They’ve recently added countries like Spain and Poland, improved their connectivity in Germany, and teamed up with local payment providers such as Norbr and GlobePay. The plan is to gradually roll out services to other countries too—think Sweden, Denmark, Norway, Lithuania, Latvia, and Estonia—and adapt to each regional demand, all while trying to deliver a seamless digital banking experience.

Other fintech giants are jumping into similar open banking payment models across the continent as well. For example, Western Union has partnered with Plaid to bring open banking account verification to its European operations. This, in turn, boosts safety and lets them handle bigger payment sizes via standardized funding methods. And Plaid’s collaboration with Mollie aims at making e-commerce easier for merchants by enabling real-time bank account checks—making onboarding and payments simpler for small and medium-sized businesses across Europe.

At the same time, there’s also a notable partnership between MoneyGram and Trustly, which recently launched cardless international money transfers in Europe. This service allows users to pay directly from their bank accounts—no more manual card entries needed—another move that pushes the shift toward bank-based payment mechanisms across many corridors.

All these developments paint a picture of a pretty vibrant ecosystem emerging around open banking tech in Europe’s payments landscape. The fact that MoneyGram and Plaid are expanding now is part of a broader industry trend—more and more payments providers and fintechs are leaning into direct bank connections because they offer better security, lower costs, and greater convenience. Especially in the cross-border payment space, which, let’s be honest, has been dominated by legacy systems that are often slow and costly.

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Verification / Sources

  • https://payspacemagazine.com/news/moneygram-and-plaid-extend-open-banking-partnership-to-europe-after-u-s-success/ - Please view link - unable to able to access data
  • https://www.prnewswire.com/news-releases/moneygram-and-plaid-expand-open-banking-partnership-to-europe-302573208.html - MoneyGram and Plaid have expanded their pay-by-bank partnership to Europe, enabling customers to link and authenticate bank accounts via Plaid's open banking technology. This integration offers a seamless and secure method for funding domestic and cross-border transfers, building upon their successful U.S. deployment. MoneyGram's CEO, Anthony Soohoo, highlighted the initiative's goal to save customers time, effort, and money through more efficient cross-border transfers. Plaid's Head of Payments, Brian Dammeir, emphasized the focus on enabling smoother movement of money within Europe and beyond.
  • https://plaid.com/blog/plaid-europe-new-partnerships-and-country-coverage/ - Plaid has expanded its open banking services across Europe, adding Spain and Poland to its coverage and offering data connectivity in Germany. The company has also partnered with new payment service providers, Norbr and GlobePay, to facilitate online transactions directly from bank accounts. Plaid's expansion aims to meet local needs and provide seamless digital financial experiences, with plans to extend coverage to additional European countries, including Sweden, Denmark, Norway, Lithuania, Latvia, and Estonia.
  • https://plaid.com/en-eu/customer-stories/western-union/ - Plaid has collaborated with Western Union to offer open banking payments to customers across Europe. This partnership enables Western Union customers to benefit from open banking-powered account verification, enhancing security and allowing for higher payment thresholds. The integration aims to streamline Western Union's payment infrastructure and provide a common standard of funding across Europe, reflecting the company's commitment to innovation and customer trust.
  • https://plaid.com/blog/plaid-and-mollie-join-forces-to-simplify-ecommerce-for-merchants-in-europe/ - Plaid has partnered with Mollie, a leading European payment service provider, to simplify e-commerce for merchants across Europe. The collaboration integrates Plaid's open banking data network into Mollie's platform, enabling real-time bank account verification for merchants. This partnership aims to streamline the onboarding process for small and medium-sized enterprises (SMEs), allowing them to launch digital storefronts more efficiently and accept payments across Europe.
  • https://www.openbankingexpo.com/news/moneygram-partners-with-plaid-for-pay-by-bank-in-the-us/ - MoneyGram has partnered with Plaid to offer pay-by-bank services in the U.S., enabling customers to authenticate their bank accounts for funding domestic and cross-border payments. The integration leverages Plaid's network of thousands of banks and credit unions, aiming to improve funding flows, reduce friction, and lower costs. The partnership reflects MoneyGram's commitment to delivering faster, more secure payments and enhancing the cross-border payment experience.
  • https://www.pymnts.com/news/cross-border-commerce/cross-border-payments/2024/trustly-and-moneygram-launch-cardless-cross-border-payments-in-europe/ - Trustly and MoneyGram have partnered to enable cardless international money transfers for MoneyGram users in Europe. The service allows users to pay directly from their bank accounts when sending international money transfers through MoneyGram Online, eliminating the need for manual card information entry. Powered by Trustly's open banking platform, the collaboration aims to provide consumers with a more seamless and secure cross-border payment experience.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative is recent, dated October 2, 2025. The earliest known publication date of substantially similar content is April 17, 2025, when MoneyGram and Plaid announced their partnership in the U.S. (prnewswire.com) The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. No earlier versions show different information. The article includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. No republishing across low-quality sites or clickbait networks was identified.

Quotes check

Score: 9

Notes: The direct quotes from MoneyGram CEO Anthony Soohoo and Plaid's Head of Payments Brian Dammeir are consistent with their previous statements in earlier publications. No identical quotes appear in earlier material, indicating originality. No variations in quote wording were found.

Source reliability

Score: 7

Notes: The narrative originates from PaySpace Magazine, a reputable outlet in the fintech sector. However, it is not as widely recognised as major news organisations like the Financial Times or Reuters. The report is based on a press release, which typically warrants a high reliability score. No unverifiable entities or fabricated information were identified.

Plausability check

Score: 8

Notes: The claims about MoneyGram and Plaid expanding their partnership to Europe align with their previous announcements and the broader trend towards open banking in Europe. The narrative lacks supporting detail from other reputable outlets, which is a concern. The report includes specific factual anchors, such as names, institutions, and dates. The language and tone are consistent with the region and topic. No excessive or off-topic detail unrelated to the claim was found. The tone is formal and appropriate for corporate communication.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): MEDIUM

Summary: The narrative is recent and based on a press release, which typically warrants a high freshness score. The quotes are original and consistent with previous statements. The source is reputable, though not as widely recognised as major news organisations. The claims are plausible and align with previous announcements, but the lack of supporting detail from other reputable outlets is a concern. Overall, the narrative passes the fact-check with medium confidence.