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
Money transmitter to have a voice in shaping and developing this industry. A related international association, the International Money Transfer Conferences (IMTC), brings together the money transfer industry once a year for the IMTC Miami conference. In 2012 the IMTC brought together close to 400 participants, 67% from the US. The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department requires MSBs to register. It is also a felony to engage in money transmission without a license in any state that requires a license to operate. Internet and mobile-based payment services are also required to seek a state money transmitter license