Glossary

Electronic Funds Transfer (EFT)

Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically. An EFT is the electronic exchange or transfer of money from one account to another, either within the same financial institution or across multiple institutions. Two main EFT remittance methods are wire transfers and automated clearing house (ACH).

Related Terms

  • Financial Crimes Enforcement Network (FINCEN)

    The Financial Crimes Enforcement Network (or FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat money laundering, terrorist financiers, and...

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  • Web Services

    Web service is part of a SOAP architecture and is defined as "a software system designed to support interoperable machine-to-machine communication”.

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