EFT Insights | Sumble

What is EFT?

EFT can refer to several technologies, the most common being Electronic Funds Transfer. This is the 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. It is commonly used for direct deposit of paychecks, recurring bill payments, and other financial transactions.

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What other technologies are related to EFT?

EFT Competitor Technologies

ACH

Automated Clearing House (ACH) is another form of electronic funds transfer. It serves a similar purpose to EFT but involves batch processing and different network infrastructure, making it a competitor.

mentioned alongside EFT in 4% (149) of relevant job posts

EFT Complementary Technologies

ERA

Electronic Remittance Advice (ERA) often accompanies EFT payments, providing details about the payment. It's a key part of automated reconciliation.

mentioned alongside EFT in 24% (146) of relevant job posts

EDI

Electronic Data Interchange (EDI) often facilitates EFT payments by providing structured data for transactions. It can trigger and support EFT processes.

mentioned alongside EFT in 0% (193) of relevant job posts