MGI, along with Western Union and Ria (a business operated by Euronet International), are leaders in the fragmented global cross-border payment market. We also expect that the rise in financial technology (fintech) firms, such as PayPal and Zelle, will continue to pose a challenge to its domestic transaction volume. In November 2018, the firm entered into an amendment to its DPA with the DOJ and agreed to pay $125 million, of which $70 million was paid in 2018. Despite the settlement, we negatively view the larger fine and company having to retain a compliance monitor over an extended period because it will further pressure profit margins and increase the prospect of additional negative findings. MGI's leverage increased as a result
