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Electronic funds transfer(EFT) are electronic transfer of money from onebank accountto another, either within a singlefinancial institutionor across multiple institutions, viacomputer-based systems, without the direct intervention of bank staff.

According to the United StatesElectronic Fund Transfer Actof 1978 it isa funds transfer initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumers account.1

EFT transactions are known by a number of names across countries and different payment systems. For example, in the United States, they may be referred to as electronicchecksor e-checks. In the United Kingdom, the term bank transfer and bank payment are used, while in several other European countriesgiro transferis the common term.

EFTs include, but are not limited to:1

direct depositpayment or withdrawals of funds initiated by the payer;

direct debitpayments for which a business debits the consumersbank accountsfor payment for goods or services;

transfers resulting fromcreditordebit cardtransactions, whether or not initiated through apayment terminal.

wire transfervia an international banking network such asSWIFT;

electronic bill paymentinonline banking, which may be delivered by EFT or paper check;

transactions involvingstored valueofelectronic money, possibly in aprivate currency;

Electronic funds transfer at point of sale(EFTPOS)

Society for Worldwide Interbank Financial Telecommunication(SWIFT)

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This page was last edited on 24 January 2019, at 17:56

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