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 ?
By adopting e-mail and electronic transfers of funds instead of relying solely on traditional methods of communication with the borrower (such as "snail mail"), servicers can realize significant savings.
Construction agencies would benefit from a centralized payment procedure instead of being forced to go through seven different agencies, each with a different payment plan, Schwartz said, adding that the creation of the agency also could lead to such innovations as electronic transfers of funds and a two-week payment schedule for contractors.
With the electronic transfers of funds, the money is available immediately on payday -- which makes the employee happy.
As more locations are opened by Biofarm, electronic transfers of funds will replace the mailing of checks and money orders.

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