electronic funds transfer
Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Wikipedia.
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.