(redirected from Electronic Transfers of Funds) Also found in: Encyclopedia.
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.
By adopting e-mail and electronic transfers of funds instead of relying solely on traditional methods of communication with the borrower (such as "snail mail"), servicers can realize significant savings.