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What is an Electronic Funds Transfer - Leigh Barker Tangible Assets

Electronic funds transfer systems have been applied to such transactions as payroll related payments, debit or credit transfers, mortgage payments etc. https://leighbarkerblog.wordpress.com/2018/03/20/what-is-an-electronic-funds-transfer-leigh-barker-tangible-assets/

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What is an Electronic Funds Transfer - Leigh Barker Tangible Assets

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  1. Leigh Barker Tangible Assets What is an Electronic Funds Transfer

  2. When money is transferred from one bank account to another without the use of paper documents and without the direct involvement of bank staff this is referred to as an electronic funds transfer. In contrast to traditional payment methods new payment systems have been developed as the internet has evolved.

  3. Initially banks changed the method that interbank payments were processed followed shortly thereafter at the retail banking level whereby corporate and retail customers were offered electronic banking platforms to process incoming and outgoing payments. Electronic funds transfer systems have the effect of reducing administrative costs as the direct involvement of bank staff is not required.

  4. Due to potential cost saving benefits electronic funds transfer systems are promoted by most financial institutions. Electronic funds transfer systems have been applied to such transactions as payroll related payments, debit or credit transfers, mortgage payments etc.

  5. Automatic Teller Machine (ATM) is an electronic terminal that permits banking any time. To withdraw cash, make deposits or transfer funds using an ATM card & pin. Pay by Phone systems permit the user to contact the biller to pay or transfer funds between account

  6. Payment transactions permits the user to make purchases with a debit card. Transactions can take place in person, online or by telephone Initially electronic funds transfer was driven by banks and aimed at efficiency gains and cost savings whereas today the focus is on e-commerce solutions to address how consumers access and pay for new services.

  7. Leigh Barker Tangible Assets Please note: Prepared by Leigh Barker Tangible Assets, Accountant, Portfolio Finance, Gordon, West Pennant Hills and MWC Group. Note that all content of this blog is general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstance.

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