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What is the difference between a electronic data interchange and a electronic funds transfer

It stands for Electronic Data Interchange it stands for Electronic Funds Transfer It is referred to as without involving the physical movement of paper instruments.

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According to Finance EFT stands for: Exchange Traded Funds, investment fund traded on stock exchanges, much like stocks. If referring to Information Technology and Information Systems, many outsiders perceive no difference. However, there is a major difference in the specific areas of concentration.

Information Technology usually refers to the underlying hardware and networks used to provide data where and when necessary.

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Information Systems usually refers specifically to the software used to transform raw data into information from which decisions may be based. Debit and ATM transactions are processed through an "EFT" electronic funds transfer network that is set up to verify and debit funds in real time using an encrypted personal identification number for authorization purposes; these networks are connected to ATM Machines and Point of Sale terminals running debit-card and credit-card transactions.

Electronic checks are processed through the shared ACH Network that banks use for moving money between institutions; this system does not check funds availability in real time and the authorization is based on a signature or other authenticating means, just like paper checks.

Electronic checks can be returned for insufficient funds. The new rule would come into effect from January 1,2007. Thus if a customer has given instruction to its bank to transfer money through NEFT to another bank in the morning hours, money would be transferrd the same day, but if the instruction is given later during the day, money would be transferred next day.

Besides, while all commercial banks have put in place the RTGS facility, only 43 banks have purchased the software required to facilitate NEFT based transaction. As of now, customers can access the RTGS facility only upto 3 pm and inter-bank transactions are possible upto 5 pm. In paper based system the user is automatically notified nonelectronic when he places a order in the inventory system whereasEDI business doesn't do that.

Also EDI system trigger's a buyersignal electronically. What is the difference between 'were' and 'was'? He was ill last year. She was a nice little girl. You were my best friend before today. You were all expected. Everything happens electronically through internet banking without use of paper instruments. In India we have two types of EFT available: An EFT server is software that is used in the electricalengineering field.

  • Information Technology usually refers to the underlying hardware and networks used to provide data where and when necessary;
  • What is the difference between 'were' and 'was'?

EFT is an acronym for enhanced file transfer. Who is Steve and edie? Electronic Data Interchange is the computer to computer exchange oforganizational documents in a standard electronic format betweenbusiness partners. EDI can be used by different sectors such asindustry, commerce, banks, insurance, transport, customs, etc.

Eft stands for?

EDIpresents many applications in industry and commerce. The mainapplications are bid, order, contract, delivery, shipment order andinvoice, payment. What does the term EFTs stand for? Electronic funds transfer or EFT refers to the computer-based systems used to perform financial transactions electronically.

  • According to Finance EFT stands for;
  • Thus if a customer has given instruction to its bank to transfer money through NEFT to another bank in the morning hours, money would be transferrd the same day, but if the instruction is given later during the day, money would be transferred next day;
  • As of now, customers can access the RTGS facility only upto 3 pm and inter-bank transactions are possible upto 5 pm.

Congress in 1978 and signed byPresident Jimmy Carterto establish the rights and liabilities of consumers as well as the responsibilities ofall participants in electronic funds transfer activities.