Electronic Funds Transfer System

An Electronic Funds Transfer System (EFTS) is a system that enables the electronic transfer of money from one account to another, either within a single financial institution or across multiple institutions, through computer-based systems and software. It uses various technologies, such as the internet, ATMs, debit cards and automated systems for financial transactions. The main benefit of an Electronic Funds Transfer System is that it reduces the amount of time taken to transfer money between accounts. Furthermore, it reduces paperwork, improves efficiency and reduces the chances of errors.