An EFT payment, or electronic funds transfer, is a way to transfer money electronically from one bank account to another, either within a single financial institution or across multiple institutions, without the direct intervention of bank staff. EFT payments are more secure, efficient, and cost-effective than traditional paper-based payment methods such as paper checks. The term "EFT" is an umbrella term that covers a broad range of electronic payments, including wire transfers and ACH transfers. Here are some key points to know about EFT payments:

• EFT payments can be carried out between any two accounts, whether they’re based at the same financial institution or not.
• 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.
• EFT payments can be used for a variety of purposes, including paying staff or vendors, receiving payments from customers, and making online purchases.
• EFT payments come in many different forms, including ACH payments, direct debit payments, wire transfers, and phone payments.
• EFT payments are more accurate, offer better cash flow management, and can improve the customer experience.

Overall, EFT payments are a fast, secure, and efficient way to transfer money electronically between bank accounts.