Informal Value Transfer System
An informal value transfer system (IVTS) is any system, mechanism, or network of people that receives money for the purpose of making the funds or an equivalent value payable to a third party in another geographic location, whether or not in the same form. Informal value transfers generally take place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money. The IVTS transactions occasionally interconnect with formal banking systems, for example, through the use of bank accounts held by the IVTS operator.
Read more about Informal Value Transfer System: History of IVTS, How Does IVTS Work?, Use of IVTS
Famous quotes containing the words informal, transfer and/or system:
“We are now a nation of people in daily contact with strangers. Thanks to mass transportation, school administrators and teachers often live many miles from the neighborhood schoolhouse. They are no longer in daily informal contact with parents, ministers, and other institution leaders . . . [and are] no longer a natural extension of parental authority.”
—James P. Comer (20th century)
“No sociologist ... should think himself too good, even in his old age, to make tens of thousands of quite trivial computations in his head and perhaps for months at a time. One cannot with impunity try to transfer this task entirely to mechanical assistants if one wishes to figure something, even though the final result is often small indeed.”
—Max Weber (1864–1920)
“Every political system is an accumulation of habits, customs, prejudices, and principles that have survived a long process of trial and error and of ceaseless response to changing circumstances. If the system works well on the whole, it is a lucky accident—the luckiest, indeed, that can befall a society.”
—Edward C. Banfield (b. 1916)