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Saumil Parekh - 492

Hem Mehta - 430
Yash Mehta - 510

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ELECTRONIC FUNDS
TRANSFER

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Electronic Fund Transfer Act,1978

“A funds transfer initiated through an
electronic terminal, telephone, computer
or magnetic tape for the purpose of
ordering, instructing, or authorizing a
financial institution to debit or credit a
consumer’s account.”
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Methods ForMaster
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Payments

Direct Deposit Cards Wire Transfer ATM

E- checks Pay-By-Phone Online Banking

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Payment
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IBANtoVs
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International Bank Society For Worldwide

Account Number Interbank Financial
Telecommunication

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Categories Of
Electronic Funds
Transfer

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Categories Of Electronic
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 Banking and Finance

 Retail

 Online

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Banking and Finance:

Large Scale Small Scale Home

Banking 11
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Retail:

Credit Card Private Card Charge Card

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Online:

1. Token based

E-cash E-checks Smart Debit

Card Card 1313
Online:
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2. Credit card based

Encryption web Third party 1414

authorization
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Process of
Electronic Fund
Transfer

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ClickPROCESS
EFT to edit Master title style
Cheque
Credit clearing
card and
clearing
Four corners paymentandsettlement
settlement
model

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Stepstoinvolved
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NEFT
STEP - 1 Register and Fill EFT application form.
STEP - 2 Preparing schedule.
STEP - 3 Prepare EFT data.
STEP - 4 Merging and sorting of Data.
WHO
STEP -IS
5A REMITTER
Verification andAND WHAT of
preparation ISBank
A BENEFICIARY
vouchers. ?
STEP - 6 Money credited to beneficiary Account.

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 Advantages of EFT
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1.Increased speed and

convenience.
2.Security and control.
3.Increased sales returns.
4.Reduced transaction cost.
5.Automation of payments.
6.Immediate payment models.
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Disadvantages
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Decreased
human
interactions

Limit on Internet Chances of

Limit on Highly
maximum connection hacking and
maximum technical
amount. 24/7. fraud .
amount.
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Thank You

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