Financial institution

Pronunciation: /ˌfaɪˈnænʃəɫ ˌɪnstɪˈtuʃən/

Financial institution (noun)

  1. A company or organization that handles money for people or businesses, such as keeping deposits or giving loans.
  2. An organization that is supervised by rules to manage financial activities and reduce risk to customers and markets.

Examples

  • A money services provider helps people send money quickly.
  • The money services provider processes transfers for customers.