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:
Retail value transfer systems:
Traditional retail value transfer systems, e.g. Bank transfer, Wire transfer, Post offices transfer service or specialist companies such as Western Union
Internet-only value transfer systems, e.g. Electronic money such as PayPal, eGold, Liberty Reserve
Cryptocurrencies: Bitcoin, Litecoin, Ethereum, ... etc.
Institutional formal value transfer systems, e.g. SWIFT (International), domestic real-time gross settlement (RTGS) systems such as LVTS (Canada), Fedwire (USA), CHAPS (UK)
Informal value transfer systems, e.g. hawala
