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Term of the Day
BusinessDictionary.com
electronic funds transfer (EFT)
Definition
Moving
funds
between different
accounts
in the same or different
banks
, through the use of
wire transfer
,
automatic
teller
machines
, or
computers
, but without the use of
paper
documents
.
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Nearby Terms
Electronic Data Interchange for Administration, Commerce, and Transportation (EDIFACT)
electronic data processing coverage
electronic data processing (EDP)
electronic document
electronic filing (e-file)
electronic funds transfer at point-of-sale (EFT-POS)
electronic funds transfer (EFT)
electronic hub
electronic imaging
electronic information system
electronic library
electronic mail address
electronic mail (email)
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Clearing House Interbank Payments System (CHIPS)
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