When a company transfers funds among parties electronically, without the use of paper cheques it is called
A) e-commerce.
B) automated reconciliation.
C) cheque truncation.
D) electronic funds transfer.

Question

Quizplus · Accepted Answer

Electronic funds transfer is the process in which a company transfers funds among parties electronically without the use of paper cheques. E-commerce refers to the buying and selling of goods and services over the internet. Automated reconciliation refers to the process of matching and verifying transactions in financial records. Cheque truncation is the process of converting physical cheques into electronic images for processing.

When a Company Transfers Funds Among Parties Electronically, Without the Use