Question

EFT includes five types of facilities and systems. What are they?

Answer 1

automated teller machine (ATM) transfers;

direct deposit payment or withdrawals of funds initiated by the payer;

direct debit payments for which a business debits the consumer's bank accounts for payment for goods or services;

transfers initiated by telephone;

transfers resulting from credit or debit card transactions, whether or not initiated through a payment terminal.

wire transfer via an international banking network such as SWIFT;

electronic bill payment in online banking, which may be delivered by EFT or paper check;

transactions involving stored value of electronic money, possibly in a private currency;

instant payment.