Electronic Funds Transfer System


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Electronic Funds Transfer System

Any computerized system that facilitates a transaction in which money, securities, or some other good changes hands. Examples of electronic funds transfer include receiving cash out of an ATM and placing an order to buy a stock over the telephone.
References in periodicals archive ?
The FTC also enforces the Electronic Funds Transfer Act, which establishes the rights, liabilities and responsibilities of participants in electronic funds transfer systems.
The agency has already announced that applications for this algorithm will include electronic funds transfer systems, software distribution, data storage and electronic data interchange functions requiring signatures, such as contracts and purchase orders.
Wright also covers similarities in legal concerns between EDI and electronic funds transfer systems, record keeping laws and their relevance to EDI, and potential EDI antitrust implications.
I am pleased to appear today to discuss with you issues related to the security of large-dollar value electronic funds transfer systems and the influence of technology on the future development of these systems.

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