electronic funds transfer

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electronic funds transfer

(application, communications)
(EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. In the late 1990s, this increasingly includes transfer initiated via the World-Wide Web. The term also applies to credit card and automated bill payments.

Glossary.
References in periodicals archive ?
The proposed E-payments User Protection Guidelines aim to encourage wider adoption of e-payments by setting standards on the responsibilities of financial institutions and e-payment users.
Summary: The Ejar network will provide many electronic services to all parties of the rental process, such as contract documentation and e-payments.
Global Banking News-January 26, 2018--Egyptian central bank issues rules on e-payments
Vikas has steered some of the world's largest e-payments platforms through rapid growth, including during the critical time of demonetisation of higher value banknotes in India in 2016.
A reduction in the rate of bank commissions would help boost e-payments.
PESHAWAR -- E-payments in Pakistan is an emerging market with a great potential in improving interaction between government and citizens in the age of the internet, says a police official.
PayFort's annual report for e-payments in the Arab region noted that usage of electronic payments grew significantly in Saudi Arabia, the United Arab Emirates, and Egypt in 2015.
Specifically, the study assessed the levels of readiness of each APEC economy to engage in, adopt and reap the broad range of economic and social benefits that e-payments (including mobile-payments) hold, by creating an APEC E-payments Index.
The K-Electric has signed a memorandum of understanding with NADRA after which both the sides will work together on key initiatives such as new connection e-payments paying domestic and international bills and e-payments through CNIC/Smart Card amongst other value added initiatives.
It is an initiative of the National Payments Plan which targets savings of up to [euro]1billion per annum for the Irish economy as we move away from paper-based payments and embrace the benefits of e-payments.
While the advantages that e-payments provide over paper checks seem obvious and sizable, business-to-business (B2B) transactions are making the switch somewhat slowly.
State taxes may be also paid through the e-payments.