Electronic Funds Transfer

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.

Types

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

Steps

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 also

External Links

References


  This article uses material from the Wikipedia page available here. It is released under the Creative Commons Attribution-Share-Alike License 3.0.


Electronic_funds_transfer
 



 
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