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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  • Contact-Free Payment

    Contact-free payments are transactions processed in a manner that removes the physical interaction between the purchaser and the merchant.  A contract-free payment can be accomplished through a...

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