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

  • COR (Notification of Change)

    A COR entry is initiated by a receiving depository financial institution (RDFI) to inform an originator of incorrect information submitted in an entry. The originator must correct...

    Learn More
  • TLS (Transport Layer Security)

    TLS refers to a cryptographic protocol to secure information sent over a computer data network. Connections using TLS typically have multiple authentication methods in place to secure...

    Learn More