electronic funds transfer

(redirected from automated deposit)
Also found in: Financial, Encyclopedia.

e·lec·tron·ic funds trans·fer

(EFT) (ĕ-lek-tron'ik fŭndz trans'fĕr)
The automatic deposit of funds from one account to another account; often used in third-party reimbursement to health care providers.
Synonym(s): automated deposit.
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References in periodicals archive ?
Banks and credit unions have received positive data and feedback from consumers on automated deposit, so it is natural for NCR to continue to invest in innovation that improves the technology.
According to RBR, shipments of automated deposit terminals will expand faster than traditional ATM shipments.
Bank officials said they especially look forward to deploying ITI's consumer and business Internet banking products, Premierecom and Premierecorp, as well as Premier Merchant Capture, an automated deposit solution, and the Premier Viewpoint business intelligence product.
In this light, its success is impressive and is evidence of the relative strength of its automated deposit applications," said Alenka Grealish, manager of the banking group, Celent, LLC.
According to research conducted by Retail Banking Research, China may offer the world's largest market for automated deposit terminals.
With Wincor Nixdorf's CCDM and multi-vendor software, financial institutions can turn ATM fleets into automated deposit stations -- delivering faster customer service and lowering branch operating costs.
The CCDM can turn an ATM fleet into automated deposit stations -- delivering faster customer service and lowering branch operating costs.
Countries such as United Arab Emirates, Kuwait, Saudi Arabia and Egypt are leading the world in the adoption of automated deposit technology for the ATM, with more than 600 of the latest NCR Corporation (NYSE:NCR) Intelligent Deposit units up and running in the region.
The contract represents an annual turnover of some MSEK 8 and covers physical security solutions including automated deposit and withdrawal units, service boxes, safety deposit boxes, bank vaults and vault doors.
This programme has generated much interest due to its simple registration process, with the automated deposits ensuring that the individual's journey to a sustainable financial future is on track automatically unless he/she takes action to actually stop saving.
3 automated deposits and nearly 4 automated payments associated with their accounts,” said Jim Minge, President of Texas Trust Credit Union.
3 automated deposits and nearly four automated payments, according to the credit union.

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