Electronic funds transfer systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks". In the United Kingdom, the term "bank transfer" and "bank payment" are used, while in several other European countries "giro transfer" is the common term. EFTs include, but are not limited to: Electronic funds transfer Electronic funds transfer (EFT) are electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of bank staff. According to the United States Electronic Fund Transfer Act of 1978 it is
Electronic cash Electronic cash Electronic cash was until 2007 the debit card system of the German Banking Industry Committee, the association which represents the top German financial interest groups. Usually paired with a Transaction account or Current Account, cards with an Electronic Cash logo were only handed out by proper credit institutions. An electronic card payment was generally made by the card owner entering their PIN (Personal Identification Number) at a so-called EFT-POS-terminal (Electronic-Funds-Transfer-Terminal). The name “EC” originally comes from the unified European checking system Eurocheque. Comparable debit card systems are Maestro and Visa Electron. Banks and credit institutions who issued these