What is the definition of EFT?

 

Electronic Funds Transfer, commonly known as EFT, refers to the digital exchange of money between bank accounts without the need for any direct bank staff intervention. This process allows for rapid and secure transactions that are essential in today’s financial landscape. EFTs encompass a wide range of financial operations, including direct deposit payroll systems, ATM transactions, and online bill pay services.

EFTs operate on sophisticated networks that ensure that money transfers occur in a timely and secure manner and is a major component of the Fintech ecosystem. This technology revolutionized the way financial transactions are conducted, providing convenience and efficiency for both consumers and businesses. These systems are regulated to protect the end-users and financial institutions, ensuring a reliable framework for electronic payments and financial activities.

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