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Federal Reserve Bank of Atlanta-Retail Payments Risk Forum

Federal Reserve Bank of Atlanta-Retail Payments Risk Forum. Aaron Henry September 6, 2012. MoneyGram’s Cash Remittance Process. STEP 1 STEP 2 STEP 3 Sender brings funds Send location conveys transaction MoneyGram provides

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Federal Reserve Bank of Atlanta-Retail Payments Risk Forum

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  1. Federal Reserve Bank of Atlanta-Retail Payments Risk Forum Aaron Henry September 6, 2012

  2. MoneyGram’s Cash Remittance Process STEP 1 STEP 2 STEP 3 Sender brings funds Send location conveys transaction MoneyGram provides to send location information via PC terminal or phone transaction identification call to MoneyGram number to send location, which then gives it to sender STEP 4 STEP 5 STEP 6 Send customer Receive customer enters Receive location conveys notifies receive customer receive location to obtain funds transaction number via PC Step 7 Step 8 MoneyGram approves transaction to receive location Receive location pays receive customer

  3. CFPB Remittance Rule-Challenges and Opportunities • Validation of receive side fees and taxes • Guaranteeing availability of non-local currency • Developing symmetrical foreign language disclosure process • Impact to the consumer experience • Coordination across multiple partners, countries, and time zones

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