Source : Free On-Line Dictionary of Computing

electronic funds transfer
     
         (EFT, EFTS, - system) Transfer
        of money initiated through electronic terminal, automated
        teller machine, computer, telephone, or {magnetic tape}.  In
        the late 1990s, this increasingly includes transfer initiated
        via the {World-Wide Web}.  The term also applies to credit
        card and automated bill payments.
     
        {Glossary (http://www.fms.treas.gov/eft/glossary.html)}.
     
        (1999-12-08)