Interested to Buy Any Domain ? << Click Here >> for more details...
What is the difference between Electronic fund transfer and
wire?
- 1 Answers
- 15154 Views
- Genesis, I also Faced
- E-Mail Answers
Answer Posted / unknown
Wire transfers and Electronic Funds Transfer (EFT) systems are similar in many ways, and yet differ greatly in terms of their uses and evolution. While wire transfers have long been and continue to be a reliable and popular means for transmitting large sums of money, EFT systems have grown so large that they permeate nearly all aspects of modern business and employment. EFT has become so popular that even the IRS now accepts electronic payments online for both individual and business taxes.
Wire Transfers
A wire transfer is simply a transfer of money between two banks through a secure system such as Fedwire for banks within the Federal Reserve system, or Clearing House Interbank Payments System (CHIPS), which is owned jointly by its members. Traditionally, for an individual (or business entity) to conduct a wire transfer, he must furnish his bank with the receiving information of the recipient's bank in order to initiate the transaction. Generally the sending and receiving banks must hold reciprocal accounts with each other, but the use of a third bank (and thus the payment of additional fees) that holds an account with both may be used. There are, however, several consumer-oriented wire transfer services that will allow you to transmit money over great distances without holding an account with any bank, often at higher fee rates. The most popular example of this type of service is Western Union.
Electronic Funds Transfers
EFT systems simply take the traditional paper check transaction cycle and bring it into the Digital Age. Instead of the receiver's bank using a paper check to initiate a transfer from the sender's bank, a digital signal is generated upon the execution of a transaction and sent through an intermediary known as a clearinghouse.
Read more: Wire Transfer Vs. EFT | eHow.com http://www.ehow.com/about_5412170_wire-transfer-vs-eft.html#ixzz0wKPKLH75
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
What is the entry in oracle apps ap,ar,gl for following transations1.one pipe purchase at rs.1002.one pipe sales at rs.150
I am currently working in reputed Org as a Oracle apps end user (AR). Learned R12 functional course, but no real time exp as in support or implementation project.Please guide. thank you.
What is the use of operating unit, while configure multiorg?
Re: what are the Issue that we face in Gl,PO and AP while Supporting
What is the Invoicing System in Oracle R12
What is gap analysis, how do you defined. What are the pre-requisities?
There is employee X and employee Y (who is supervisor of X); when Y submits expenses how will the system ensures that this should not go to X even if he has the approval authority.
Can Adjustments be imported?
What is difference between primary and secondary ledger
Define the activities of the Configuration Manager (AP,GL,FA) in the team. Give examples
While assigning the security by book in oracle assets..i am unable ot get the asset org in security profile form.This asset org was already defined in org description window.
what is the difference between before pages trigger and after parameter trigger in reports ?
Explain Customization process?
how service tax work.
how to do customization while doing oracle implementation. what is the role of functional consultant in customization?
