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 ?
You can make electronic transfer of funds up to Rs 1 lakh free of cost if public sector banks pay heed to an appeal made by Finance Minister Pranab Mukherjee, who is likely to resign for his candidature for the presidential election.
Indeed, encryption is already routinely used for the electronic transfer of funds from one bank to another.
ACH technology enables the electronic transfer of funds for inbound or outbound payments for one-time and recurring payments.
A 100%-owned subsidiary of Central Bank of Malaysia (Bank Negara Malaysia), Malaysian Electronic Clearing Corporation (MyClear), has selected SWIFT, as an access channel to link with the new RENTAS (Real-time electronic transfer of funds and securities system) system.
Because the company requires an electronic transfer of funds, they have absolutely no recourse to recoup their money.
Efforts to use US Bank's electronic transfer of funds services have been denied because the bank is not a state-certified central routing unit.
In most cases, contracts submitted electronically will be activated and paid overnight, also using electronic transfer of funds.
The goal is to create a single card through which customers can administer all their financial needs, from paying bills via electronic transfer of funds to buying and trading securities over the New York Stock Exchange.
If any special fees are required, they can be paid through an electronic transfer of funds from the truck's home office.
Online banking fraud involving the electronic transfer of funds has been on the rise since 2007 and rose to over US$120 million in the third quarter of 2009, according to estimates presented at the recent RSA Conference in San Francisco by the U.
The key business of Visa Inc and MasterCard Worldwide is to allow electronic transfer of funds.
com/yearlingbonus and either instruct Weatherbys UK to deduct pounds 250/EUR285 per yearling from their Weatherbys bank account or complete the electronic transfer of funds or send a cheque by Tuesday.

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