MoneyGram International, Inc. is an American cross-border P2P payments and money transfer company based in the United States with headquarters in Dallas, Texas. It has an operations center in St. Louis Park, Minnesota and regional and local offices around the world. MoneyGram businesses are divided into two categories: Global Funds Transfers and Financial Paper Products. The company provides its services to individuals and businesses through a network of agents and financial institutions. In 2014, MoneyGram was the second largest provider of money transfers in the world. The company operates in more than 200 countries and territories with a global network of about 347,000 agent offices. History MoneyGram International formed as a result of two businesses merging, Minneapolis-based Travelers Express and Denver-based Integrated Payment Systems Inc. MoneyGram was first established as a subsidiary of Integrated Payment Systems and afterwards became an independent company before it was acquired by Travelers in 1998. In 2004, Travelers Express became what is known today as MoneyGram International. Travelers Express (1940–1997) The Minneapolis-based Travelers Express Co. Inc. was founded in 1940. In 1965, Travelers Express was acquired by The Greyhound Corporation (now known as Viad Corp) and became the nation's largest provider of money orders before initiating a company reorganization plan in 1993. MoneyGram Systems (1988–1997) MoneyGram was formed in 1988 as a subsidiary of Integrated Payment Systems Inc. Integrated Payment Systems was a subsidiary of First Data Corporation, which was itself a subsidiary of American Express. In 1992, First Data was spun off from American Express and publicly traded on the New York Stock Exchange. First Data Corporation later merged with First Financial, the owners of rival Western Union. In order to approve the merger, the Federal Trade Commission forced First Data to sell Integrated Payment Systems. Thomas Cook Global Foreign Exchange, under the stewardship of John Bavister, launched a re-engineered money transfer service in 1994. Branded as MoneyGram, the venture saw the partnering of the global travel giant with First Data Corp. In 1996, Integrated Payment Systems, the nation's second largest non-bank consumer money transfer business, became its own publicly traded company and was renamed MoneyGram Payment Systems Inc. In 1997, James F. Calvano, former president of Western Union, became MoneyGram Payment Systems CEO. By the late 1990s, MoneyGram Payment Systems had served customers at over 22,000 locations in 100 countries. MoneyGram International Ltd. was established in 1997 by MoneyGram Payment Systems Inc. and