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, via computer-based systems, without the direct intervention of bank staff.
EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term.
Video Electronic funds transfer
Types of EFT
The term covers a number of different payment systems, for example:
- 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.
Maps Electronic funds transfer
- Digital currency
- E-commerce payment system
- Electronic money
- Electronic funds transfer at point of sale (EFTPOS)
- Interbank network
- Payment system
- Real Time Gross Settlement
- Society for Worldwide Interbank Financial Telecommunication (SWIFT)
- Virtual currency
- Electronic Funds Transfer Association
Source of the article : Wikipedia