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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 checks or e-checks.

Contents

1 Types 2 Steps 3 See also 4 References 5 External links

Types[edit] 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.

Steps[edit] 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

See also[edit]

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
Society for Worldwide Interbank Financial Telecommunication
(SWIFT) Virtual currency

References[edit]

External links[edit]

Electronic Funds Transfer Association

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