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

EFT

(Electronic Funds Transfer) The transfer of money from one account to another by computer. See ACH.
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