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).
Know Your Customer is the due diligence and bank regulation that financial institutions and other regulated companies must perform to identify their clients and ascertain relevant information pertinent to doing financial business with them.
A routing number that was once the primary routing number for an institution and since replaced, but still accepted for payments.