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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 ...
Electronic Funds Transfer at Point Of Sale, abbreviated as EFTPOS (/ ˈ ɛ f (t) p ɒ s /), is the technical term referring to a type of payment transaction where electronic funds transfers (EFT) are processed at a point of sale (POS) system or payment terminal usually via payment methods such as payment cards (debit cards, credit cards or gift cards).
Wire transfer, bank transfer, or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account, or through a transfer of cash at a cash office.
The vast majority of transactions made when a customer uses a card to make a payment in a store use ISO 8583 at some point in the communication chain, as do transactions made at ATMs. In particular, the Mastercard , Visa and Verve networks base their authorization communications on the ISO 8583 standard, as do many other institutions and networks.
Pulse announced the acquisition of Gulfnet, a Louisiana-based regional EFT network in 1997 and announced the acquisition of the Cincinnati-based MoneyStation network in 2000. Pulse merged with Wisconsin-based Tyme Corporation in 2002, and was acquired by Discover Financial Services in 2005. Currently, Pulse is a California residential mortgage ...
BASE24-atm is an EFT processing and switching system that provides ATM support and management including transaction routing and authorization, electronic data interchange, settlement, reporting, network control, and stored-value card functionality.
The EFT Act does not apply to automatic transfers from any account held in the name of the institution the consumer uses to the account the consumer uses. An example of this would be where the EFT Act would not apply to any automatic payments put towards a mortgage held by the financial institution where a consumer would hold their electronic ...
PAX Technology S90 credit card terminal with a Visa card inserted.. A payment terminal, also known as a point of sale (POS) terminal, credit card machine, card reader, PIN pad, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly" [1]), is a device which interfaces with payment cards to make electronic funds transfers.