electronic funds transfer system

A Dictionary of Computing | 2004 | 673 words | Copyright

electronic funds transfer system (EFTS) Generally, the use of computers in effecting payments between individuals and/or organizations. In some cases the term is used to refer to advanced future systems in which debits and credits are made simultaneously with the transactions that give rise to them. In other cases its use covers all computer-based funds transfer systems, including ATMs (automated teller machines), EFTPOS and debit cards, EFT-EDI (electronic data interchange) systems, and the US automated clearing house (ACH) network. There are several major worldwide EFT networks, including the SWIFT (Society for Worldwide Interbank Financial Transmission) network.

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JOHN DAINTITH. "electronic funds transfer system." A Dictionary of Computing. 2004. Encyclopedia.com. 27 May. 2012 <http://www.encyclopedia.com>.

JOHN DAINTITH. "electronic funds transfer system." A Dictionary of Computing. 2004. Encyclopedia.com. (May 27, 2012). http://www.encyclopedia.com/doc/1O11-electronicfndstrnsfrsystm.html

JOHN DAINTITH. "electronic funds transfer system." A Dictionary of Computing. 2004. Retrieved May 27, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O11-electronicfndstrnsfrsystm.html

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