electronic funds transfer ( EFT)
An electronically based rather than paper-based system of transferring funds to and from accounts. Two main EFT remittance methods are wire transfers and automated clearing house ( ACH). American Banker Glossary
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( EFT)
Transfer of funds electronically rather than by check or cash. The Federal Reserve's Fedwire and automated clearinghouse services are EFT systems. Bloomberg Financial Dictionary
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electronic funds transfer UK US noun [C or U] (ABBREVIATION EFT) BANKING, E-COMMERCE
► a system of moving money from one bank or bank account to another electronically, using computer systems: »
Businesses and individuals may pay their taxes by electronic funds transfer.
Financial and business terms. 2012.