EFTS financial definition of EFTS
EFT (redirected from EFTS)
Also found in: Dictionary
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
, or some other good changes hands. Examples of electronic funds transfer include receiving cash
out of an ATM
and placing an order
over the telephone.
References in periodicals archive
Optional Equipment: EFTS is designed to interface with existing systems.
Note: EFTS participants must make subject matter experts (SMEs) and IT professionals available for a negligible period of time to prepare and test system interfaces.
EFTS has been designed to incur minimal or no cost to this arrangement.