Electronic funds transfer

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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.

According to the United States

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 "electronic checks" or "e-checks". In the United Kingdom, the term "BACS Payment", "bank transfer" and "bank payment" are used, in Canada, "e-transfer" is used, while in several other European countries "giro transfer" is the common term.

Types

EFTs include, but are not limited to:^[1]

• Automated teller machine (ATM) transfers
• Direct deposit payment or withdrawals of funds initiated by the payer
• Direct debit payments in which a business debits the consumer's bank accounts for payment for goods or services
• Electronic bill payment in online banking, which may be delivered by EFT or paper check
• QR Code scanned from a mobile app
• Transfers initiated by telephone
• Transfers resulting from credit or debit card transactions, whether initiated through a payment terminal
• Wire transfer via an international banking network such as SWIFT

See also

• Automated Clearing House
  (ACH)
• E-commerce payment system
• Electronic funds transfer at point of sale
  (EFTPOS)
• Immediate Payment Service
• Interbank network
• Payment system
• Real time gross settlement
• Society for Worldwide Interbank Financial Telecommunication
  (SWIFT)
• Instant payment

References

External links

• Electronic Funds Transfer Association

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