NEW YORK & DALLAS–(BUSINESS WIRE)–Metropolitan Bank Holding Corp. (NYSE:MCB) (“Metropolitan” or the “Company”), the holding company for Metropolitan Commercial Bank (the “Bank”) today announced they partnered with MoneyGram (NASDAQ:MGI), a global provider of innovative money transfer services, to launch a new debit card deposit service designed to simplify deposit, withdrawal and exchange services for customers of Metropolitan Commercial Bank and MoneyGram.
“MCB and MoneyGram are well positioned to complement each other’s payments capabilities,” said Mark DeFazio, Chief Executive Officer of Metropolitan Commercial Bank. “We believe this partnership will help to expand our market share and are pleased to offer MoneyGram users another manner in which they can access the banking system through transactions that are efficient, reliable and convenient.”
The person-to-person (P2P) money transfer option allows customers in the U.S. to conveniently send money domestically through the MoneyGram app or via the MoneyGram website to other U.S. recipients’ eligible debit cards. Pricing for the debit card deposit service starts at $1.99 and allows customers to transfer funds to a bank account linked to the eligible debit card at any time, including weekends and holidays.
About Metropolitan Commercial Bank
Metropolitan Commercial Bank®, The Entrepreneurial Bank, is headquartered in New York City and operates full-service banking centers in Manhattan; Boro Park, Brooklyn; and Great Neck, Long Island. Metropolitan Commercial Bank is also an established leader in digital payments and one of the fastest growing U.S. issuers of virtually every type of debit card. We are a leading issuer of debit cards and an acknowledged innovator in the General Purpose Reloadable (GPR) debit cards, virtual cards, digital currencies, mobile payments, e-wallets, peer to peer and cross-border payments.
In addition, the Bank is keeping pace with rapid industry evolution and the trend towards mobile payment apps, digital currencies and all that FinTech has to offer. We’ve established an impressive track record of successful collaborations with new category innovators and serve as the e-wallet sponsor bank for a number of global payment programs.
Metropolitan Commercial Bank is a New York State chartered commercial bank, an FDIC member and an equal opportunity lender.
The parent company of Metropolitan Commercial Bank, Metropolitan Bank Holding Corp., is a publicly traded company. The common stock of Metropolitan Bank Holding Corp. is listed on the New York Stock Exchange (NYSE) and trades under the ticker symbol “MCB.”
For more information about Metropolitan Commercial Bank, visit the Bank’s website at www.MCBankNY.com.
About MoneyGram International, Inc.
MoneyGram is a global leader in omnichannel money transfer and payment services that enables friends and family to affordably, reliably and conveniently send money for life’s daily needs in over 200 countries and territories.
The innovative MoneyGram platform leverages its leading digital and physical network, global financial settlement engine, cloud-based infrastructure with integrated APIs, and its unparalleled compliance program that leads the industry in protecting consumers.