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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. In the United States, they may be referred to as "electronic cheques" or "e-cheques". In the United Kingdom, the term "bank payment" is commonly used term. "Bank transfer" is also used.
When made within the same financial institution, EFTs are technically known as peer-to-peer transfers.
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
Steps
An EFT transaction requires the following steps:
- Making application
- Data preparation
- Data transmission
- Debiting remittance banks
- Crediting receiving banks
- Crediting beneficiary
- Task at service branch
- Task at beneficiary branch
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See also
- 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
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References
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External links
- Electronic Funds Transfer Association
Source of the article : Wikipedia
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