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Sabtu, 03 Februari 2018

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Electronic Funds Transfers | Orbitremit Blog
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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. EFT transactions are known by a number of names. In the United States, they may be referred to as electronic checks or e-checks.


Video Electronic funds transfer



Types

The term covers a number of different payment systems, for example:

  • cardholder-initiated transactions, using a payment card such as a credit or debit card
  • direct deposit payment initiated by the payer
  • direct debit payments for which a business debits the consumer's bank accounts for payment for goods or services
  • wire transfer via an international banking network such as SWIFT
  • electronic bill payment in online banking, which may be delivered by EFT or paper check
  • transactions involving stored value of electronic money, possibly in a private currency.

Maps Electronic funds transfer



Steps

An EFT transaction requires the following steps:

  1. Making application
  2. Data preparation
  3. Data transmission
  4. Debiting remittance banks
  5. Crediting receiving banks
  6. Crediting beneficiary
  7. Task at service branch
  8. Task at beneficiary branch

Treasury- Cash Management Services - ppt video online download
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See also

  • Digital currency
  • E-commerce payment system
  • Electronic money
  • Electronic funds transfer at point of sale (EFTPOS)
  • Interbank network
  • Payment system
  • Real Time Gross Settlement
  • Society for Worldwide Interbank Financial Telecommunication (SWIFT)
  • Virtual currency

Instant EFT Online Payments | Payment Methods | PayFast
src: blog.orbitremit.com


External Links

  • Electronic Funds Transfer Association

Automatic Funds Transfer Agreement Image collections - Agreement ...
src: image.shutterstock.com


References

Source of the article : Wikipedia

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