Briefly explain the concept of EFT..

madhura89

New member
Joined
Feb 25, 2014
Messages
42
Points
0
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

New member
Joined
Nov 1, 2017
Messages
6
Points
0
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

New member
Joined
Nov 9, 2018
Messages
33
Points
0
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.
 
Older threads
Replies
20
Views
8,865
Replies
3
Views
2,373
Recommended threads
Replies
0
Views
2,127
Replies
1
Views
2,778
Replies
4
Views
4,523

Referral contests

Referral link for :

Sponsors

Popular tags

You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.

Top