ELECTRONIC FUND TRANSFER

EFT or Electronic funds transfer  refers to the computer-based systems used to achieve financial transactions by electronic means.

The expression is used for a numeral of dissimilar concept:

• Cardholder-initiated transactions, where a cardholder formulate use of a payment card
• Direct deposit payroll payments for a business to its employees, probably via a payroll services company
• Direct debit payments from customer to business, wherever the transaction is start by the business with customer agreement
• Electronic bill payment in online banking, which may be deal out by EFT or paper check
• Transactions concerning stored value of electronic money, probably in a private currency
• Wire transmits by means of an international banking network (usually carries a higher fee)