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

  • Lockbox

    Lockbox refers to banking in which the funds are placed in a physical storage unit (such as a post office box). A bank would then visit the...

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  • Tokenization

    Tokenization replaces sensitive financial account information with a random string of characters, called a token. Learn More

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