Electronic Funds Transfer
Electronic funds transfer (direct deposit) means the movement of funds between bank accounts. Due to its simplicity and affordability, electronic funds transfer is one of the most popular online payment methods. Unlike checks, bank transfers are much faster and safer.
How does an electronic fund transfer work?
There are two parties involved in a transaction: the sender and the client. After the sender initiates the transfer, the payment data passes through the acquiring bank, electronic payment system, and the issuing bank. Further, through the return channel, an answer is received whether the payment was successful or not. This is how most transactions work.
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