electronic funds transfer
- noun the system used by banking organisations for the movement of funds between accounts and for the provision of services to the customer.
- The transfer of money from one account to another, via electronic means such as computer networks. Such transactions should be secure and instantaneous, and usually occur automatically. Examples include electronic transfers between banks, and online payments of bills. Its abbreviation is EFT.
Information & Library Science
- noun the use of computers to transfer money to and from banks.
- noun a system for transferring money from one account to another electronically, as when using a smart card.