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What (who) is electronic funds transfer - definition

SYSTEM FOR ELECTRONIC PAYMENTS

EFT-POS; Electronic Funds Transfer Point of Sale; EFT/POS; Electronic Funds Transfer; E-check; Eftops; E-cheque; E-payments; Guide to E-payments; Electronic fund transfer; Electronic check; ECheck; Echeck; Electronic Fund Transfer; Electronic Check Processing; Electronic transfer of money; ACHEFT; Electronic cheque; Electronic transaction; Electronic transfer; Electronic transfers; Electronic transactions; Electronic Payment System; E-Transfer

electronic funds transfer

<application, communications> (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. In the late 1990s, this increasingly includes transfer initiated via the World-Wide Web. The term also applies to credit card and automated bill payments. Glossary (http://fms.treas.gov/eft/glossary.html). (1999-12-08)

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.

https://en.wikipedia.org/wiki/Electronic_funds_transfer

Electronic Funds Transfer Point of Sale

<business, real-time> A method of electronic payment which allows money to be transferred from the account of the shopper to the merchant in close-to real-time. Generally the shopper will give the merchant a credit or debit card, which will be swiped to obtain the account information. The shopper will then be required to either sign a receipt or enter a PIN via a keypad to authorise the transaction. (2003-06-22)

Wikipedia

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.

According to the United States Electronic Fund Transfer Act of 1978 it is "a 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 consumer's account".

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.

https://en.wikipedia.org/wiki/Electronic funds transfer

Examples of use of electronic funds transfer

1. During August, three provinces, Logar, Laghman and Nanghar, implemented the electronic funds transfer bank accounts.

2. The man slammed an electronic funds–transfer machine into the counter and reached for a scanner gun, police said.

3. In March, Google said it began testing a third–party electronic funds transfer service to send payments to Web sites that carry Google ads.

4. In March, Google began testing a third–party electronic funds transfer service to send payments to Web sites that carry Google ads.

5. The president also promised "to deal with the emergence of more sophisticated forms of corruption and crimes such as electronic money–laundering, electronic funds transfer fraud, dissemination of offensive materials and even cyber–terrorism". He confirmed plans to re–introduce an upper house of parliament, which correspondents say is aimed at strengthening his grip on power.