A(n) ________ allows money to be exchanged electronically more quickly and more economically than with paper checks.

Question

Quizplus · Accepted Answer

Electronic funds transfer systems (EFT) allow for money to be exchanged electronically, directly from one bank account to another. This process is faster and more economical than using paper checks. Electronic check conversion (ECC) is a process where paper checks are converted into electronic transactions, but it still involves a delay and higher costs than EFT. Virtual banking operations (VBOs) and telechecking systems (TELE) are not directly related to the electronic exchange of money.

A(n) ________ Allows Money to Be Exchanged Electronically More Quickly