Electronic Funds Transfer (EFT) refers to the digital exchange or movement of money between banks or accounts through electronic platforms, encompassing various methods such as wire transfers, ACH payments, real-time payment systems, and card transactions. EFTs are facilitated by financial institutions, payment processors, and fintech companies, allowing fast and efficient domestic and international transfers without physical cash or paper checks.
Main/
Electronic Funds Transfer (EFT)
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Code
PS0009
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Name
Electronic Funds Transfer (EFT)
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Version
1.0
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Category
Payment, Transfer & Remittance Services
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Created
2025-03-14
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Modified
2025-04-02
Related Techniques
Scripts schedule wire, batch, and real-time-payment bursts across banks; velocity and sub-threshold structuring exploit the speed of modern EFT rails.
- Allows structured deposits from numerous sources into a single account via digital channels.
- Rapid subsequent EFT transactions redistribute funds to hide their illicit origin and complicate detection.