electronic funds transfer
Wired money movement
Electronic funds transfer is the movement of money between accounts through electronic systems rather than physical exchange of cash or checks.
The term covers a broad range of transactions: direct deposits, wire transfers, ATM withdrawals, and online bill payments.
Often abbreviated EFT.
The company switched to electronic funds transfer for payroll.
- direct depositFunds sent to account automatically
- bank accountFinancial storage for funds
- routing numberBank branch identifier code
- direct debitPre-authorized recurring withdrawal
- mobile paymentPurchase via smartphone
payment gateway · pending transaction · fraud alert · payroll processing · banking software · clearinghouse · remittance · data privacy laws · debit card · financial audits · PayPal · online banking · bill pay · cloud computing · chargeback · two-factor authentication
- bankingbank, banks, ATM, ATMs, account
- ACH paymentsdirect deposit, originator, clearinghouse, routing number, account number
electronic funds transfercash payment
Transaction using physical currency
cash · check · barter · coins · paper money
electronic, electronics, electronically, electron, electrons, funded, funding, funder, funders