An EFT or electronic funds transfer is a digital transfer of money from one bank account to another. It can be done within a single financial institution or across multiple institutions, via computer-based systems, without the direct intervention of banks. EFT transactions 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". EFTs include, but are not limited to:

• Automated teller machine (ATM) transfers
• Wire transfer via an international banking network such as SWIFT
• Electronic funds transfer at point of sale (EFTPOS)
• Immediate Payment Service
• Interbank network
• Payment system
• Real-time gross settlement
• Society for Worldwide Interbank Financial Telecommunication (SWIFT)

EFT payments 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. The ACH network processes EFTs in batches, which means that transactions are accrued throughout the day and processed later. EFT payments are fast, reliable, and cost-effective, and they dont require much work on either end of the transaction.