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.

EFT transactions are known by a number of names. In the United States, they may be referred to as "electronic cheques" or "e-cheques". In the United Kingdom, the term "bank payment" is commonly used term. "Bank transfer" is also used.

When made within the same financial institution, EFTs are technically known as peer-to-peer transfers.

Types of EFT[edit]

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

Steps[edit]

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[edit]

References[edit]

External links[edit]