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:
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—Franklin D. Roosevelt (1882–1945)