|
Electronic Funds Transfer |
|
|
|
|
Overview You may not have heard of EFT but you have probably experienced it. If your salary is paid directly into your account, it is paid by EFT. If a dividend is paid into your account, it is paid by EFT. If you create an online payment, it is usually delivered by EFT. EFT is, in effect, electronic credit transfer. EFT is the most popular method of paying many business payments in many European countries, and will progressively replace cheques in Ireland. In Ireland, EFT transactions are frequently created automatically by payroll systems and creditor systems, each of which create a file for uploading to your bank, and onward from there. In more advanced systems in certain countries integrated systems automate the payment process from invoice creation (or earlier) through to presentment and payment. Such systems create substantial savings to users of the payment process.
|
