BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Consumer Fund Transfer (CFT)
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Business Fund Transfer (SFT)
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Electronic Fund Transfer (EFT)
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Electronic Financial Transaction (EFTS)
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Detailed explanation-1: -Electronic funds transfer (EFT) is a transfer of funds is initiated through an electronic terminal, telephone, computer (including on-line banking) or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer’s account.
Detailed explanation-2: -With direct deposit or electronic funds transfer (EFT), the general public, government agencies, and business and institutions can pay and collect money electronically, without having to use paper checks.
Detailed explanation-3: -NEFT (National Electronic Funds Transfer) RTGS (Real-Time Gross Settlement) Through National Electronics Funds Transfer, transactions of any amount can be sent to the recipient’s account without any maximum limit to the funds that can be sent in a day.
Detailed explanation-4: -An electronic funds transfer (EFT) is a way to move money across an online network, between banks and people. EFT payments are frequently used in place of paper-based payment methods-like checks and cash-to make transactions faster and safer.
Detailed explanation-5: -Essentially, ECS facilitates bulk transfer of monies from one bank account to many bank accounts or vice versa. ECS includes transactions processed under National Automated Clearing House (NACH) operated by National Payments Corporation of India (NPCI).