Electronic Funds Transfer
From Open Risk Manual
Revision as of 14:44, 13 February 2020 by Wiki admin (talk | contribs)
Definition
Electronic Funds Transfer. (EFT) It refers to any transfer of funds initiated digitally, including card payments, automatic teller machine (ATM) withdrawals, point-of-sale (POS), and debit transfers without requiring the intervention of a financial institution staff.
These transactions can take place within the same organization, or across accounts spread between one or more financial institutions in the financial network.
