Essentially, the sender can have the money withdrawn from his account through an ATM transaction. The intermediary processes the payment, and sends a code to the recipient on his mobile that allows him to withdraw the money from any nearby bank’s ATM. The system will take care of necessary safeguards of customer identification, transaction validation, velocity checks etc.
The effects of low interest rates As I have already discussed, the current level of the federal funds rate came about in response to a weakening economy in 2001 and a recovery that has been characterized by the persistence of considerable slack in labor markets and low and declining inflation.