Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
skip to main content
10.5555/1074100.1074367dlbooksArticle/Chapter ViewAbstractPublication PagesEncyclopediaacm-pubtype
research-article
Free access

Electronic funds transfer (EFT)

January 2003
Pages 635 - 637
Published: 01 January 2003 Publication History

Abstract

An Electronic Funds Transfer (EFT) system is one that involves the electronic movement of funds and fund information between financial institutions. The transfer is coupled with minimal amounts of data to facilitata that transfer. There are two major worldwide EFT networks: the Clearinghouse Interbank Payments System (CHIPS) and FedWire (the oldest EFT system in the USA). In 1997, these networks moved over $2 billion (US) each banking day. A third major network, the Society for Worldwide Interbank Financial Telecommunications (SWIFT), is capable of handling nearly 2 million messages per day.

References

[1]
1987. Kirkman, P. Electronic Funds Transfer Systems, The Revolution in Cashless Banking and Payment Methods. Oxford: Basil Blackwell.
[2]
1991. Ahwesh, P. C. "Who Pays for Risk in Worldwide EFT Networks?" Information Strategy: The Executive's Journal, 7, 3 (Spring), 21-26.
[3]
1991. Anonymous. "Smart Cards: When the Price is Right," Banking World, 9, 6 (June), 36.
[4]
1991. Bove, R. X. "Bank Technology Reshapes Industry," Bankers Magazine, 174, 3 (May/June), 17-20.
[5]
1996. Ice, T., and Demy, T. J. The Coming Cashless Society. Eugene, OR: Harvest House Publishers, Inc.
[6]
1996. Furche, A., and Wrightson, G. Computer Money: A Systematic Overview of Electronic Payment Systems. Heidelberg: Dpunkt Verlag.
[7]
1999. Welch, B. Electronic Banking and Treasury Security, 2nd Ed. Boca Raton, FL: CRC Press.

Recommendations

Comments

Information & Contributors

Information

Published In

cover image DL Books
Encyclopedia of Computer Science
January 2003
2080 pages

Publisher

John Wiley and Sons Ltd.

United Kingdom

Publication History

Published: 01 January 2003

Qualifiers

  • Research-article

Contributors

Other Metrics

Bibliometrics & Citations

Bibliometrics

Article Metrics

  • 0
    Total Citations
  • 275
    Total Downloads
  • Downloads (Last 12 months)78
  • Downloads (Last 6 weeks)12
Reflects downloads up to 14 Oct 2024

Other Metrics

Citations

View Options

View options

PDF

View or Download as a PDF file.

PDF

eReader

View online with eReader.

eReader

Get Access

Login options

Media

Figures

Other

Tables

Share

Share

Share this Publication link

Share on social media