An EFT, or electronic funds transfer, is a digital transfer of money from one bank account to another. EFTs can be performed within the same bank or between different banks, and they typically use payment systems such as the Automated Clearing House (ACH) for ACH payments, Fedwire or SWIFT for wire transfers, or credit card and debit card networks. EFTs are initiated through an electronic terminal, telephone, computer (including online banking), or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumers account. EFTs are known by different names across countries and different payment systems. For example, in the United States, they may be referred to as "electronic checks" or "e-checks," while in the United Kingdom, the term "BACS Payment," "bank transfer," and "bank payment" are used. EFT payments are frequently used in place of paper-based payment methods, such as checks and cash, and they are a speedier alternative to physical payment methods. EFT payments can be carried out between any two accounts, whether they’re based at the same financial institution or not. EFTs are processed by the bank through the Automated Clearing House (ACH) network, which connects all the financial institutions, banks, and credit unions in the US.