Business process and document management company Xerox Corporation (XRX) recently entered into an agreement with MoneyGram – a leading money transfer and payment services firm -- for effective transmission of child support payments.
With this deal, child support requirements can be effectively met with technological and process improvements. Xerox will utilize MoneyGram's network of over 39,000 locations in retail stores spread across 49 U.S. states, the District of Columbia and Puerto Rico to transmit child support payments through its ExpertPay portal.
The agreement will enable Xerox to combine its developed infrastructure with MoneyGram to ensure fast and secure movement of funds to custodial parents. To date, Xerox’s ExpertPay portal has delivered over 12 million child support payments annually worth $2 billion. Xerox will introduce new technologies for the verification of child support payments at both the origin and recipient ends, thereby preventing chances of fraudulent transactions.
This partnership with MoneyGram will help Xerox expand its range of services in the field of child support payments and further strengthen its dominance in the sector. On the other hand, MoneyGram will benefit from the technological expertise of Xerox to better serve its customers.
Headquartered in Norwalk, CT, Xerox is a leader in the development, manufacture, marketing, servicing and financing of document equipment across the world.
Xerox currently has a Zacks Rank #3 (Hold). Other stocks that look promising and are worth a look now include Pitney Bowes Inc (PBI), Canon Inc (CAJ) and Ricoh Company, Ltd (RICOY), each having a Zacks Rank #2 (Buy).