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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.
1988