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.
The Australian and New Zealand systems are country specific and do not interconnect. EFTPOS technology originated in the United States in 1981 and was quickly adopted by other countries. Debit and credit cards are embossed plastic cards complying with ISO/IEC 7810 ID-1 standard.