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 ?
In order to prevent unauthorised electronic transactions, the CBSL hereby notifies customers to register for real-time e-payment notification facilities as well as obtain EMV chip-based payments cards from their respective LFIs without delay and exercise caution when sharing information that can be used to carry out e-payments.
How do you evaluate the e-payments sector in Egypt, and how can we achieve high penetration rates?
The government online payment system is an internet-based e-payment facility and gateway allowing citizens and businesses to remit payments electronically to government agencies.
The ePAY Summit covered a range of topics, including the future of e-payments, open banking, customer adoption of e-payments, cyber-security, e-payments infrastructure and regulation, technological disruption and innovation in the payment landscape.
RIYADH: Saudi Arabia wants to achieve an e-payment target of 70 percent by 2030, a banking official told Arab News on Thursday, as the country moves toward becoming a cashless society.
In a recently published BSP report, 46 percent of account holders showed ambivalence about e-payments, largely due to hacking, personal security breaches, and unsafe access issues.
The ePAY summit is expected to attract more than 400 senior managers and directors from leading banking, fintech, e-commerce, retail and telecom enterprises who will present practical cases and share in-depth experiences on a range of topics, including innovation, usability and customer adoption, cyber-security, e-payments infrastructure and regulation, technological disruption and innovation in the payment landscape.
If the taxpayer is required to make mandatory e-payments, the FTB recommends you also complete and submit Form 4107, Mandatory e-Pay Election to Discontinue or Waiver Request for individuals, or Form 3816, Electronic Funds Transfer Election to Discontinue or Waiver Request for business entities, each time a cash payment is made.
Additionally, KuickPay will encourage payments and contribute towards a more vibrant e-payments ecosystem.
He said in line with Sarawak's emphasis on the digital economy, the use of e-payments was in line with the state government's vision to promote the use of online facilities in daily affairs.
Under the terms of the new agreement, the Thawani e-payments app will allow for easy and direct donations to be made directly to Dar Al Atta'a.