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Electronic Funds Transfer (EFT)
Electronic Funds Transfer (EFT) refers to the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions. This process occurs through computer-based systems. It includes various types of transactions such as direct deposits, wire transfers, and online bill payments.
EFTs are widely used for their convenience, speed, and efficiency in handling financial transactions. They eliminate the need for physical paper checks, reducing processing time and the risk of fraud. Businesses and consumers rely on EFTs for routine transactions, payroll, and bill payments.
To ensure the security and integrity of EFTs, financial institutions implement advanced encryption, authentication protocols, and real-time monitoring to detect and prevent fraudulent activities, safeguarding the financial system and customer funds.