electronic funds transfer

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Related to electronic funds transfer: Electronic Data Interchange

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.

This article is provided by FOLDOC - Free Online Dictionary of Computing (foldoc.org)


(Electronic Funds Transfer) The transfer of money from one account to another by computer. See ACH.
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References in periodicals archive ?
The Global (United States, European Union and China) Electronic Funds Transfer Point of Sale (EFTPOS) Terminals Market research publication released by HTF MI addresses all this aspects and provides the latest scoop and detailed insights on all major & emerging business segments.
"The new electronic funds transfer service will offer greater certainty and efficiency than the current system, since payments will be series of transactions in a chain, as well as payment of associated costs.
The most ambitious effort to increase bank use, Electronic Funds Transfer 1999 (EFT '99), came from Robert Rubin's Treasury Department.
CheckFree's electronic funds transfer (EFT) service enables ElectricStreets to offer residents the option to pay their rent online by electronic check.
Writing about electronic funds transfer, Lillian Brown, Esq., chair of the American Bar Association's Employment Taxes Subcommittee, stated, "While the government gets its money faster and saves time and costs associated with a collective check-based system, individual businesses must cope with multiple payment systems, a diminished paper trail and potentially altered legal landscape, along with the advantage of paying a single creditor electronically."(6) These issues should not be taken lightly as government moves to increase e-government services.
This growth is made possible by electronic funds transfer (EFT) systems, which move funds in and out of accounts using electronic impulses.
Included are e-mail, electronic funds transfer, electronic publishing and online banking.
Businesses have been using methods such as electronic data interchange (EDI) and electronic funds transfer (EFT) to eliminate the costly two-way transfer of physical contracts and payments for many years.
What is the current thinking of the Department regarding the payment of franchise taxes by electronic funds transfer?
Summary: Mumbai (Maharashtra) [India], June 6 (ANI): In an effort to boost digital payments, the Reserve Bank of India (RBI) on Thursday scrapped charges levied on Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) transactions.
BANKING AND CREDIT NEWS-May 16, 2019--Indian central bank to examine extending National Electronic Funds Transfer
M2 EQUITYBITES-May 16, 2019--Indian central bank to examine extending National Electronic Funds Transfer

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