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Electronic Funds Transfer
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ALSO CALLED: ACH, EFT, and Automated Clearing House
DEFINITION: Electronic Funds Transfer (EFT) is a system of transferring money from one bank account directly to another without any paper money changing hands. One of the most widely-used EFT programs is Direct Deposit, in which payroll is deposited straight into an employee's bank account, although EFT refers to
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The Buyside and the Three Phase Evolution of Electronic Trading White Paper
| sponsored by Advent Software, Inc.
WHITE PAPER:
This paper presents the buyside with a framework that offers a vision for the trading platforms. This framework explains why the future of trading belongs to independent broker-neutral systems supplied by software firms rather than sellside brokers.
Posted: 02 Feb 2007 | Published: 01 Jan 2007
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ELECTRONIC FUNDS TRANSFER DEFINITION (continued): … any transfer of funds initiated through an electronic terminal, including credit card, ATM, Fedwire and point-of-sale (POS) transactions. It is used for both credit transfers, such as payroll payments, and for debit transfers, such as mortgage payments. Transactions are processed by the bank through the Automated Clearing House (ACH) network, the secure transfer system that connects all U.S. financial institutions. For payments, funds are transferred electronically from one bank account to the …
Electronic Funds Transfer definition sponsored by SearchWinIT.com, powered by WhatIs.com an online computer dictionary
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