Electronic Funds Transfer (EFT) is the generic term for the most diverse types of electronic payment transactions. In general, it refers to paperless payment transactions in which the payment amount is transferred from the buyer's account to the supplier's account in online banking or online billing.
The payment transaction can be made between accounts of the same financial institution or between different financial institutions.
Electronic Funds Transfer offers transfer security, it is fast and cost-effective. The range of Electronic Funds Transfer includes all electronic funds transactions such as Automated Clearing House( ACH) through online services, home banking, m-banking, online banking, cash cards, e-money, cybermoney or other payment methods used in online business.