ERP Term
"Electronic Funds Transfer (EFT)"

EFT transfers money from one bank system to another without human intervention.

Electronic funds transfer (EFT) is the electronic movement of money from one bank system to another. This can be done without human intervention, making it a convenient and efficient way to transfer funds.

EFTs can be used for various purposes, including paying bills, transferring money between accounts, and sending or receiving payments. They are safe and secure and can often be processed quickly and easily.

If you are considering using EFT to make a payment, it is essential to understand how the process works and what fees may be involved. You should also be aware of the risks associated with any financial transaction, such as fraud or identity theft. However, by taking some precautions and being informed about your rights and responsibilities, you can minimize the risks and enjoy the benefits of using EFT to make payments. 

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