electronic funds transfer


electronic funds transfer
electronic funds transfer ( EFT)
An electronically based rather than paper-based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house ( ACH). American Banker Glossary
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( EFT)
Transfer of funds electronically rather than by check or cash. The Federal Reserve's Fedwire and automated clearinghouse services are EFT systems. Bloomberg Financial Dictionary

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electronic funds transfer UK US noun [C or U] (ABBREVIATION EFT) BANKING, E-COMMERCE
a system of moving money from one bank or bank account to another electronically, using computer systems: »

Businesses and individuals may pay their taxes by electronic funds transfer.


Financial and business terms. 2012.

Look at other dictionaries:

  • Electronic funds transfer — or EFT refers to the computer based systems used to perform financial transactions electronically.The term is used for a number of different concepts: * Cardholder initiated transactions, where a cardholder makes use of a payment card * Direct… …   Wikipedia

  • electronic funds transfer — electronic funds .transfer n [U and C] EFT when money is moved from one bank account, business etc to another using only computer systems …   Dictionary of contemporary English

  • electronic funds transfer — noun : the transfer of money from one location or account to another by computerized means * * * the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one s own… …   Useful english dictionary

  • electronic funds transfer —    Form of electronic commerce that operates through debit cards that enable the automatic transfer of funds from a user s bank account …   IT glossary of terms, acronyms and abbreviations

  • electronic funds transfer — the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one s own account to deposit in a creditor s. Abbr.: EFT [1970 75] * * * …   Universalium

  • electronic funds transfer — noun a computerised banking system for the transfer of funds from one account to another. Compare EFTPOS. Also, EFT …   Australian English dictionary

  • electronic funds transfer — system which enables the transfer of sums of money from one account to another by computer …   English contemporary dictionary

  • Electronic Funds Transfer —   Any method of electronically moving money between the accounts. Often simply known as EFT. See also EFTPOS …   International financial encyclopaedia

  • electronic funds transfer — /ˌelektrɒnɪk fʌndz ˌtrænsfɜ:/ noun a system for transferring money from one account to another electronically (as when using a smart card). Abbreviation EFT …   Dictionary of banking and finance

  • Electronic Funds Transfer at Point of Sale — ➔ EFTPOS * * * electronic funds transfer at point of sale UK US noun [U] BANKING, COMMERCE ► EFTPOS(Cf. ↑EFTPOS) …   Financial and business terms