Electronic funds transfer

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Electronic funds transfer (EFT)

Transfer of funds electronically rather than by check or cash. The Federal Reserve's Fedwire and automated clearninghouse services are EFT systems.

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.

electronic funds transfer (EFT)

The transfer of funds, as from one account to another or from buyer to seller, by telephone or computer. The use of EFT results in the instantaneous movement of money. The additional time that the funds are available to earn income can more than offset the fees charged by institutions for this service. Also called wire transfer.

Electronic funds transfer.

Electronic funds transfer (EFT) is the means by which financial institutions exchange billions of dollars every day without the physical movement of any paper money. Money moves electronically from one bank account to another, usually within 24 hours of a scheduled payment.

The system covers all electronic credit and debit money transfers, including direct deposits -- which occur when you authorize your employer or other payer to automatically deposit payroll into your bank account -- debit card and ATM transactions, online bill payment, wire transfers, and debit transfers as well as automatic deductions from your accounts to make regular payments.

According to the US Department of the Treasury, it costs the federal government only 9 cents to issue an EFT payment as opposed to 86 cents to make a traditional check payment.

References in periodicals archive ?
MAS Deputy Managing Director, Ms Jacqueline Loh said, MAS hopes that these guidelines will help to make e-payments simpler and more secure, and give individuals and micro-enterprises more confidence to adopt and integrate e-payments into their daily activities.
E-payments make life easier as it can be done via computers and smart phones and saves time of waiting in a queue.
Chief Executive Officer (CEO) of A2Z E-payments Shakir Ullah Afridi said the purpose behind e-payments set-up in Pakistan was to step forward toward digitalization and started a journey from cash to e-payments for improving public sector efficiency and the facilitation of citizen.
Indeed, the readiness of APEC economies to adopt and use e-payments varies widely.
Cox Enterprises, the Atlanta-based media, communications, and automotive services company with more than $15 billion in revenue, is working to switch from checks to e-payments.
Although adoption of e-payments has grown at a strong pace in recent years, the MENA region still has significant ground to make up in terms of total penetration.
In 2009 only around a third of total payment transactions were e-payments, as opposed to more than double that in North America and likewise in Western Europe," said Ramez Shehadi, Partner, Booz & Company.
Various industry, technological and regulatory trends will propel the adoption of e-payments.
corn) has launched its IDshield user authentication system, focusing on online banking and e-payments.
Public Bank Bhd has said that it has won four awards at the recent Malaysian e-Payments Excellence Awards 2017 (MEEA).
The revolutionary new e-payments solution offers a safe, simple and highly secure alternative payment method to cash, credit and debit cards.