electronic funds transfer

(redirected from automated deposit)
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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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References in periodicals archive ?
It's vital you keep your market knowledge up to date segmented by Applications [Banking, Retail & Others], Product Types [, Cash Dispenser, Automated Deposit Terminal & Recycle Type] and major players.
Euronet will continue to utilize the existing functionality and user experience at the SKOK ATMs and will, over a period, also replace and upgrade certain ATM units into full self-service automated deposit terminals providing customers with additional functionality such as cash deposit services.
Cardless cash withdrawals are now quite common, and other added features, such as automated deposit functionality, mean that banks are increasingly able to provide services to customers for which a branch would have been previously required," he said.
However, manual database preparation on collection of deposit information is a kind of verylaborious job.If banks software requires deposit hunters information at the very beginning of giving input of deposit account it will not only facilitate automated deposit or liability marketing information within seconds but also will safeguard against possible money laundering by tracking the clients relationship officers.
For business customers, there is also an automated deposit machine, meaning business customers no longer have to queue to pay in coinage.
Business customers will also be able to access an automated deposit machine, which means they will no longer have to queue to pay in coinage.

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