electronic funds transfer

electronic funds transfer

noun
the use of telecommunications networks to transfer funds from one financial institution, as a bank, to another, or to withdraw funds from one's own account to deposit in a creditor's. Abbreviation: EFT

Origin:
1970–75

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electronic funds transfer definition

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.
Glossary (http://fms.treas.gov/eft/glossary.html).
(1999-12-08)
The Free On-line Dictionary of Computing, © Denis Howe 2010 http://foldoc.org
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