An Electronic Funds Transfer (EFT) is the automated exchange of funds and information about the funds' application to a bank account. An EFT is one form of Electronic Commerce.
Businesses are adopting EFT to transmit payments and remittance data electronically as a cost-effective alternative to check payments. Because of the increased usage by businesses, financial institutions are expanding capabilities to originate and receive financial EDI payments and process remittance information.
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