Payment Glossary

EFT (Electronic Funds Transfer)

The electronic exchange or transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Related Terms

  • ODFI (Originating Depository Financial Institution)

    Financial institutions that originate ACH transactions on behalf of its customers. ODFI's must abide by the National Automated Clearing House Association (NACHA) Operating Rules.

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  • OCR (Optical Character Recognition)

    A technology that enables you to convert different types of documents into editable and searchable data.

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