electronic funds transfer

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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.
Medical Dictionary for the Health Professions and Nursing © Farlex 2012
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Accordingly, LFIs are required to provide Short Message Service (SMS) alerts or any other real-time notification facilities for all e-payments as well as issue EMV chip-based payment cards.
Masary managed to become the country's second largest player in e-payments.
"After BIR, other agencies shall be lined-up to follow as billers in this e-payments solution," she said.
As Ward mentioned, security is a top concern for any company interested In e-payments, which Is why Credit Manager Margaret Sarafiny said Hellenbrand takes every precaution when handling customers' bank Information.
Shaikh Khalifa bin Ibrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse commented, "The ePAY Summit aims to promote development and adoption of FinTech solutions, online banking, and e-payments. The inauguration of the Khaleeji eTrade is a testament of the growing consumer demand for digital transformation within capital markets, particularly online trading."
E-payments in the Kingdom are expected to double over the next four years to reach more than $22 billion, the report added.
Most consumers opt into e-payments for the sake of convenience, and plenty of businesses accommodate that preference.
"We want to support the Kingdom's plans to advance e-payments, and through strategic partnerships and innovation we aim to become the preferred e-payment partner for Jordanians as we help stimulate local eCommerce."
Undoubtedly, migrating to e-payments is the way to go now compared to the traditional brick-and-mortar banking, where trying to transfer money from one account to another can take an hour's wait in line.
MANAMA: Bahrain Bourse (BHB) has announced its participation as co-partner in the second E-Payments and Online Banking Summit (ePAY).
So we are banking on increasing the use of e-payments at the toll plazas,' Franco said.