Commentary

29 Types of electronic funds transfer systems

BILLS OF EXCHANGE vol 4(1)
| Commentary

29 Types of electronic funds transfer systems

| Commentary

29 Types of electronic funds transfer systems

Cash dispensers and automatic teller machines (ATMs)1, voucherless credit transfers, direct debits2, standing orders through BACS (Bankers’ Automated Clearing Services Limited), CHAPS3 and SWIFT4 payments, point-of-sale terminals (EFTPOS5), internet banking and instantaneous authorisation of credit card transactions by merchants with dial terminals are known collectively as electronic funds transfer systems (EFTS6). They are not only faster than conventional payment methods but also very much cheaper and it is not unreasonable to suppose that EFTS will eventually supersede paper instruments. Payment instructions for EFTS

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