electronic funds transfer system

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electronic funds transfer system

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Even though e-mail and electronic transfers of funds have been commonplace in the mortgage servicing industry for a few years now, the potential savings that they can bring has not been fully exploited.
Construction agencies would benefit from a centralized payment procedure instead of being forced to go through seven different agencies, each with a different payment plan, Schwartz said, adding that the creation of the agency also could lead to such innovations as electronic transfers of funds and a two-week payment schedule for contractors.
With the electronic transfers of funds, the money is available immediately on payday -- which makes the employee happy.
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