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Enterprise glossary and term center
Research and understand all the intricate terms and definitions that surround the ecosystem of enterprise resource planning (ERP), enterprise software and no-code tools.
- Enterprise terms
- Electronic Fund Transfer
- How does the electronic fund transfer work?
Electronic Fund Transfer - How does the electronic fund transfer work?
An electronic fund transfer moves money from one account to another. The accounts can be at the same financial institution or two different financial institutions. The transaction is done electronically over a computerized network. EFT transactions are also referred to as electronic banking.
