If MoneyGram money transfer, for some reason has not been received by the addressee, the sender will receive a refund. MoneyGram cooperates with numerous partners from Europe. Among them such financial establishments as Post of Canada, Cyprus, Ukraine, Iceland, Moldova, the Royal Mail of UK and Norway, Italian Post, Bank of Ireland, Sberbank of Russia, Kocbank, Banco Popular Espanol, and many others. The main clients of MoneyGram are students, travelers, immigrants, expatriates, however, recently representatives of businesses who appreciate the advantages of fast and reliable money transfer, joined them. As part of the 2008 Recapitalization, our wholly owned subsidiary, MoneyGram Payment Systems Worldwide, Inc., issued Goldman Sachs $500.0 million of senior secured second lien notes with a 10-year maturity. FormFreeSM phone-based offering allows businesses to reduce labor costs and create an excellent consumer experience by leveraging MoneyGram The Global Funds Transfer segment is the primary segment of MoneyGram, providing money transfer and bill payment services to consumers, who are often unbanked or underbanked. Millions of families depend on MoneyGram to safely send money home or pay the bills. In March 2012, the company MoneyGram merged with the network of U.S. payment centers ZipZap. MoneyGram financial results were driven by money transfer business, which delivered more than 40 percent growth in transaction volume.