An EFT payment, or Electronic Funds Transfer payment, is a digital transaction that moves money electronically from one bank account to another, either within the same financial institution or across different institutions. This process does not require paper documents or manual bank employee intervention, making it faster, safer, and more efficient than traditional payment methods like cash or checks

. EFT is an umbrella term that covers various types of electronic payments, including:

• Direct deposits (e.g., payroll payments)
• Wire transfers (for large sums or international payments)
• Automated Clearing House (ACH) payments
• Electronic checks (e-checks)
• ATM transactions
• Credit/debit card payments
• Bill payments via phone or online systems
• Real-time payments and QR code payments

The typical EFT payment process involves the sender initiating a transfer electronically, which is routed through digital networks from the sender’s bank to the receiver’s bank. Most EFT payments clear within a couple of days, providing a secure and convenient way for businesses and individuals to transfer funds

. In summary, EFT payments are electronic methods to transfer money efficiently and securely, widely used by businesses, employees, vendors, and consumers globally