Electronic funds transfer

<application, communications> (EFT, EFTS, - system) Transfer of money initiated through electronic terminal, automated teller machine, computer, telephone, or magnetic tape.

In the late 1990s, this increasingly includes transfer initiated via the World-Wide Web.

The term also applies to credit card and automated bill payments.

Glossary (http://www.fms.treas.gov/eft/glossary.html).

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