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Electronic Funds Transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. EFT transactions are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.

Contents

TypesEdit

The term covers a number of different payment systems, for example:

StepsEdit

An EFT transaction requires the following steps:

  1. Making application
  2. Data preparation
  3. Data transmission
  4. Debiting remittance banks
  5. Crediting receiving banks
  6. Crediting beneficiary
  7. Task at service branch
  8. Task at beneficiary branch

See alsoEdit

External LinksEdit

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