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

  • ACH

    Automated Clearing House - ACH is a reliable electronic funds transfer (EFT) system governed by National Automated Clearing House Association (NACHA).

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  • IVR (Integrated Voice Response)

    Integrated voice response or integrated voice recognition are payment systems that use the telephone to automate the capture of transactional information from a payer. Payers may either...

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