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

  • Corporate Trade Exchange (CTX)

    A corporate trade exchange (CTX) is a system used by corporations and agencies of the government for monetary transfer. They are primarily used to pay trading partners...

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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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