Electronic funds transfer

Electronic funds transfer (EFT) is the transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems.

The funds transfer process generally consists of a series of electronic messages sent between financial institutions directing each to make the debit and credit accounting entries necessary to complete the transaction. An electronic funds transfer starts when the sending customer send an electronic instruction with the purpose of making payment to the beneficiary or the receiving customer.[1]

  1. ^ Financial Crimes Enforcement Network. "Appendix D". Feasibility of a Cross-Border Electronic Funds Transfer Reporting System under the Bank Secrecy Act (PDF) (Report). U.S. Department of the Treasury.

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