A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
Electronic money, or e-money, is the money balance recorded electronically on a stored-value card.These cards have microprocessors embedded which can be loaded with a monetary value. Netherland âs Chipknip: As an electronic cash system used in the Netherlands, all ATM cards issued by the Dutch banks had value that could be loaded via Chipknip loading stations. 2  For people without a bank, pre-paid Chipknip cards could be purchased at various locations in the Netherlands.