EFT

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Related to EFTS: ETFS

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.

EFT

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.