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Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer -based systems, without the direct intervention of bank staff. Funds transfers are the primary mechanism used by the business community for fast and ...
Electronic Fund Transfer Act. An Act to extend the authority for the flexible regulation of interest rates on deposits and accounts in depository institutions. The Electronic Fund Transfer Act was passed by the U.S. Congress in 1978 and signed by President Jimmy Carter, to establish the rights and liabilities of consumers as well as the ...
Banking. 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. Different wire transfer systems and operators provide a variety of options relative ...
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] NEFT enables bank customers in India to transfer funds between any two NEFT ...
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).
Telegraphic transfer. Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic funds transfer. Although the term is historic and the technology it describes is no longer in use, the telegraphic transfer name is still used today in several countries where it has become synonymous with an ...
Instant payment. Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts. This was in contrast to the previous transfer times of one to three business days that had been in place until the mid-2010s.
Fedwire (formerly known as the Federal Reserve Wire Network) is a real-time gross settlement funds transfer system operated by the United States Federal Reserve Banks that allows financial institutions to electronically transfer funds between its more than 9,289 participants (as of March 19, 2009). [1] Transfers can only be initiated by the ...