electronic funds transfer

<application, communications>

(EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape. In the late 1990s, this increasingly includes transfer initiated via the web. The term also applies to credit card and automated bill payments.

Glossary.

Last updated: 1999-12-08

Nearby terms:

electronic funds transferElectronic Funds Transfer Point of Sale

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