What is an electronic funds transfer?
A) An Internet-based company that facilitates payments over the Internet
B) A mechanism for sending a payment from a chequing or savings account
C) A system that sends bills over the Internet and provides an easy-to-use mechanism to pay the bill
D) Both software and information-the software provides security for the transaction and the information includes payment and delivery information

Question

Quizplus · Accepted Answer

An electronic funds transfer is a mechanism for sending a payment from a chequing or savings account. It involves the transfer of funds from one financial institution to another, usually through a computer-based system. Other options listed in the choices are more specific types of electronic payment systems, but not a comprehensive definition of electronic funds transfer.

What Is an Electronic Funds Transfer