[8] Through their Vision 2020 program, US state regulators, as the primary regulators of non-bank and fintech firms committed to fostering innovation, are transforming the licensing process, harmonizing supervision, engaging fintech companies, assisting state banking departments, making it easier for banks to provide services to non-banks, and making supervision more efficient for third parties.
[10] As of September 5, 2018, the MSBA integrated into its operation the services and capabilities of the National Money Transmitters Association (NMTA).
FINCEN has also ruled that Informal Value Transfer Systems (IVTS) are considered money transmitters for the purposes of registration and licensing.
[16] FINCEN defines an IVTS as "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".
These are known as Hawala in the Middle East, Afghanistan, and Pakistan; "hundi" in India; and '"fei ch’ien" in China.