Electronic funds transfer (EFT) is a banking process whereby people are able to transfer money from one account to another, either of the same bank or of a different bank. It is a fast way to make sure that a transaction is handled effectively and that there are no limits in terms of transaction periods and transfer status.
EFTs are fast becoming popular and this is due to the fact that many banks do not provide a blanket limit over the amount of money that can be transferred. As of 2012, the number of people using the electronic funds transfer was at an all time high of 66million in the United States. In this setting, the platform stands as a major way of doing business whereby people are characterized as having the ability to interact with their clients and service providers at a fast rate.
Electronic funds transfer is fast and efficient and this is what makes the transaction process desirable. In this sense, people are allowed to pay for services and quickly settle transactions without having to operate within normal banking hours. This in turn allows for faster delivery of goods.
The electronic funds transfer platform is also a safe way to handle big money transfers due to the fact that people do not deal with cash at hand. In this sense, the platform provides a chance for people to conduct large money dealings like the buying of automobiles, real estate and even investment in share holdings. Electronic money transfers are normally operated from a cloud network that connects banks and other financial institutions and through the cloud, people are able to access their bank accounts and hence perform transactions easily.
The beauty of the electronic funds transfer platform is the fact that it covers the transfer of funds to accounts that are located anywhere in the world and as it has no limits whatsoever, people can be sure that they will get the chance to do business and transact with people who are all over without breaking a sweat.