It is also known as node-to-node conduction since myelin sheath is absent in this region(nodes are the gaps along the axonal sheath).
It is the neural conduction from node to node.
Such a type of conduction occurs in myelinated nerve fibers of vertebrates.
This saves energy by lowering the use of Na-K pumps in the axonal membrane and there is an increased rate of conduction giving the higher organisms, the ability to react and think faster.