A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents called Answer Revealed
by J Nandhini
Updated Oct 26, 2023
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents called
The correct answer is electronic funds transfer
Electronic Funds Transfer (EFT) is a secure and convenient way to move money from one bank account to another electronically. It allows individuals, businesses, and institutions to make transactions without using physical cash or checks. EFTs are commonly used for various purposes, including direct deposits of paychecks, online bill payments, and transferring funds between accounts.
The process involves initiating the transfer through a computer or electronic device, usually through a bank's online platform or a specialized payment service. The funds are then electronically debited from the sender's account and credited to the recipient's account. EFTs are known for their speed, accuracy, and reduced risk of errors compared to traditional paper-based transactions. This method of payment is widely used in today's digital banking environment, providing a convenient and efficient way to handle financial transactions.
A computerized cash payments system that transfers funds without the use of checks, currency, or other paper documents called - FAQ
The correct answer is electronic funds transfer