Although some risks are inherent, electronic funds transfer (EFT) means of cash disbursements is the most effective and efficient.
By using a computerized network, an electronic funds transfer transfers money from one account to another. With EFTs, a bank account is required for both the sender and the recipient. Fund transfers can take place between accounts that are not at the same financial institution. EFT payments can be made over computers, phones, or card readers by both private individuals and commercial entities.
EFTs credit (reduce) the account of one person and debit (raise) the account of the other person. Electronic banking also refers to EFT transactions. Cash and paper checks are not required because everything is paperless.
The Electronic Fund Transfer Act (EFTA) governs these transactions. Individuals who use EFT payments are safeguarded by the EFTA, a federal statute.
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