Electronic Funds Transfer
A Electronic Funds Transfer is a payment transaction made via an electronic transmission from one bank account to another.
- AKA: Electronic Transfer, EFT.
- Example(s):
- Counter-Example(s):
- See: Bank Account, Automated Clearing House, Bitcoin, Digital currency, E-commerce payment system, Electronic money, Electronic funds transfer at point of sale, Interbank network, Real Time Gross Settlement, Society for Worldwide Interbank Financial Telecommunication , Virtual currency.
References
2016
- (Wikipedia, 2015) ⇒ http://en.wikipedia.org/wiki/Electronic_funds_transfer Retrieved 2016-10-27
- Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff. EFTs are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.
The term covers a number of different payment systems, for example:
- Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems and without the direct intervention of bank staff. EFTs are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.
- cardholder-initiated transactions, using a payment card such as a credit or debit card
- direct deposit payment initiated by the payer
- direct debit payments for which a business debits the consumer's bank accounts for payment for goods or services
- wire transfer via an international banking network such as SWIFT
- electronic bill payment in online banking, which may be delivered by EFT or paper check
- transactions involving stored value of electronic money, possibly in a private currency.
2008
- (MA DoR, 2008) ⇒ Massachussets DoR. (2008). “Municipal Finance Glossary.” Massachussets Department of Revenue - Division of Local Services
- Electronic Transfer – The electronic transmission of payments from one bank to another through a wire system, used in lieu of checks. (See Wire Transfer)