Electronic funds transfer

Electronic funds transfer (EFT) consists of a group of technologies that allow financial transactions to be carried out electronically. Messages sent by several forms of telecommunications cause funds to be transferred from one financial account to another. The messages substitute for an exchange of currency or for a signed check that would bring about the same transfer. The term "EFT" has also come to include the transfer of information] critical to such transactions without an immediate transfer of funds; for example, authorization of credit or validation of checks by [[telecommunications.