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 ?
In addition to its link to the federal government, the company uses electronic funds transfers in 46 states, including multiple local authorities.
It is our understanding, however, that some companies correctly filing Form 8302 continue to receive their refunds through the issuance of a check, rather than electronic funds transfers - resulting in a delay in receipt of the funds.
Electronic Funds Transfer (EFT) solutions and outsourced services of FSS power the majority of ATMs and Point-of-Sale (POS) terminals in India, controlling most of the Electronic Funds Transfers in the country.
eFunds is one of the largest third-party processors of electronic funds transfers (EFT), is the largest non-bank deployer of ATMs in North America, and is the provider of the world's largest debit database.
Xign Corporation, the leading provider of financial supply chain applications and services, today announced that Bank of America, Bank One, Citibank, Wells Fargo, and Silicon Valley Bank are certified to process electronic funds transfers on behalf of the Xign Payment Services Network (XPSN).
Such electronic funds transfers are regulated heavily by the Office of Foreign Assets Control (OFAC), the U.
Founded in 1996 by cash management pioneer and company CEO David Kvederis, a former senior executive of WellsFargo & Company, BankServ is the nation's largest independent provider of services to merchants who wish to convert checks into electronic funds transfers.
Bill Collect is a high-tech, automated system handling electronic funds transfers (ETF) and credit card payments for Internet e-commerce businesses and traditional sales companies.
According to Dave Kvederis, President & CEO of BankServ "The market for converting checks into electronic funds transfers at the cash register is exploding.
Accordingly, VDSE first acquired an interest in Lintel Security (Lintel), in Brussels, Belgium, a developer of security technology for computer networks, telecommunication systems and transmission of negotiable valuables such as electronic funds transfers.
Accordingly, VDSE has completed an initial 15% investment in Lintel Security (Lintel), in Brussels Belgium, a leading developer of security technology for computer networks, telecommunication systems and transmission of negotiable valuables such as electronic funds transfers.
The networks being implemented by both banks will support core business operations such as electronic funds transfers, money market transactions and loan and credit processing.

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