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Jumat, 03 November 2017

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Electronic Fund Transfer Concept Image With Business Icons And ...
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Electronic Funds Transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. EFT transactions are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.

Steps in EFT : 1.Making application. 2.Data preparation. 3.Data transmission. 4.Debiting remittance banks. 5.Crediting receiving banks. 6.Crediting beneficiary. 7.Task at service branch. 8.Task at beneficiary branch.

The term covers a number of different payment systems, for example:

  • cardholder-initiated transactions, using a payment card such as a credit or debit card
  • direct deposit payment initiated by the payer
  • direct debit payments for which a business debits the consumer's bank accounts for payment for goods or services
  • wire transfer via an international banking network such as SWIFT
  • electronic bill payment in online banking, which may be delivered by EFT or paper check
  • transactions involving stored value of electronic money, possibly in a private currency.

Video Electronic funds transfer



See also


Maps Electronic funds transfer



References

Source of the article : Wikipedia

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