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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.
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Merchant
A merchant is business that exchanges goods for monetary funds.
Related Terms
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MTE (Machine Transfer Entry)
An entry initiated at an electronic terminal, such as an automated teller machine (ATM). This entry can either be a debit or a credit.
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