Value transfer system Guide, Meaning , Facts, Information and Description
A value transfer system refers to 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.A value transfer system may fall into one or more of these groups:
- Informal value transfer systems, e.g. hawala.
- Retail value transfer systems:
- Traditional retail value transfer systems, e.g. Western Union. (Also, banks and post offices usually support various forms of transferring funds.)
- Internet-only value transfer systems, e.g. PayPal, xchangeAGENT,or Electronic money.
- Institutional formal value transfer systems, e.g. SWIFT.
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