ELECTRONIC FUND TRANSFER
EFT or Electronic funds transfer refers to the computer-based systems used to achieve financial transactions by electronic means.
The expression is used for a numeral of dissimilar concept:
- Cardholder-initiated transactions, where a cardholder formulate use of a payment card
- Direct deposit payroll payments for a business to its employees, probably via a payroll services company
- Direct debit payments from customer to business, wherever the transaction is start by the business with customer agreement
- Electronic bill payment in online banking, which may be deal out by EFT or paper check
- Transactions concerning stored value of electronic money, probably in a private currency
- Wire transmits by means of an international banking network (usually carries a higher fee)