Visa and MoneyGram have announced a strategic agreement intended to modernize and digitize the process of sending and receiving money overseas.

Using Visa Direct, Visa's real-time push payments platform, the agreement will enable secure cross border remittances, according to a press release. MoneyGram's service will enable its users to choose their preferred method of sending and receiving funds once the company integrates Visa Direct. 

The agreement with MoneyGram is the first cross-border use case for Visa Direct transactions originating in the U.S. The initial phase includes two priority corridors (U.S. to Mexico and U.S. to Philippines) and Visa and MoneyGram intend to later expand the agreement to enable MoneyGram to speed up transactions to additional markets, according to the release.

"We are pleased to work with Visa Direct to offer another quick and convenient option when customers need to send money to family and friends around the globe," Alex Holmes, MoneyGram's chairman and CEO, said in press release. "The service is another example of how MoneyGram is delivering a true omnichannel experience — giving customers’ choice to transact any way and anywhere they want."