The system that allows money to be transferred between banks electronically without the exchange of paper currency is ____.
A) electronic data interchange (EDI)
B) Internet banking (IB)
C) electronic funds transfer (EFT)
D) virtual private banking (VPB)

Question

Quizplus · Accepted Answer

Electronic funds transfer (EFT) is the system that allows money to be transferred between banks electronically without the exchange of paper currency. Electronic data interchange (EDI) refers to the electronic transfer of business documents between different companies, while Internet banking (IB) refers to the ability to access and manage bank accounts online. Virtual private banking (VPB) refers to a type of online banking service that provides personalized financial advice and management for high net worth individuals.

The System That Allows Money to Be Transferred Between Banks