Briefly explain the concept of EFT..

[madhura89]

Hello web masters

As you all know EFT is Electronic Fund Transfer.It is the transfer of money from one account to another within Institution.I don't know about this concept much.So if anybody knows about this concept please share your knowledge.

 

[LibraMason]

An EFT is the automatic transfer of money from one bank account to another digitally. Basically, it's the backbone of online banking. Transactions such as debit card purchases, direct deposit, wire transfers, and ATM withdrawals all occur via an electronic funds transfer. All banks are connected through the Automated Clearing House (ACH). Using this system, banks can transfer funds almost instantaneously from one bank account to another.

 

[Morda]

In the mind of the average person, an instant money transfer system is the ability to quickly deliver money to the recipient. For the operator of an electronic payment system, this is the execution of a whole algorithm using secure communication channels, profile equipment and special knowledge. Standard electronic money transfer is the transfer of information between two representatives of one operator. For example, an organization making such payments (transfers) accepts cash at one point in the city of N, and issues it at another branch in the city of B. The company charges a transfer fee, due to which it exists safely.