Lesson plan
Value transfer system
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. The average size of the payment is an indicator of the system's use. Specialised large-value transfer system have developed because of the large size and critical timing of some payments market participants require services and mechanisms that meet their need for reliability, security, accuracy and timeliness. 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
Article summary
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. The average size of the payment is an indicator of the system's use. Specialised large-value transfer system have developed because of the large size and critical timing of some payments market participants require services and mechanisms that meet their need for reliability, security, accuracy and timeliness. 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
Key claims
No claims recorded.
Discussion questions
- Summarise the article in your own words. Which single claim would you verify first, and why?
- Which claim in this article is most likely to be revised as the sources update? How would you check its current status?
- If two sources disagreed about one of these facts, what would you need in order to trust one over the other?
Bibliography
No sources recorded.
Key claims and bibliography are generated from the same tracked claims and sources as the article page.