Search results
Results From The WOW.Com Content Network
Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems. The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit ...
Main page; Contents; Current events; Random article; About Wikipedia; Contact us
National Electronic Funds Transfer (NEFT) is an electronic funds transfer system maintained by the Reserve Bank of India (RBI). Started in November 2005, the setup was established and maintained by Institute for Development and Research in Banking Technology . [ 1 ]
Credit transfer: non-immediate transfer of funds between accounts at different financial institutions for payments by retail customers and non-urgent business-to-business payments. Direct debit payment of consumer bills such as mortgages, loans, utilities, insurance premiums, rents, and any other regular or membership style payment. These type ...
Bangladesh Electronic Fund Transfer Network (BEFTN) is a Bangladeshi electronic fund transfer network between banks within Bangladesh. [1] Its main purpose is to transfer funds between bank accounts. [2] The network can settle debit and credits. Salary, bill, dividend, interest could be paid through the system.
A payment terminal allows a merchant to capture required credit and debit card information and to transmit this data to the merchant services provider or bank for authorization and finally, to transfer funds to the merchant. The terminal allows the merchant or their client to swipe, insert or hold a card near the device to capture the information.
The consumer's financial institution provides guarantee of payment to the merchant. [3] Payment is made as a credit transfer (push payment) from the consumer's financial institution to the merchant, as opposed to a debit transfer (pull payment). [3] Payment is made directly from the consumer's account rather than through a third-party account. [3]
The Open Payment Initiative, or O.P.I. for short, was launched to standardize the application interface between the electronic point of sale (EPOS) application and any cashless payments solution installed on the electronic funds transfer at point of sale (EFTPOS) payment terminal.