Electronic funds transfer (EFT) is the electronic exchange, transfer of money from one account to another, either within a single financial institution or across. The way in which we transfer money has advanced tremendously over the last several years. PayPal, online bill pay, and mobile payments are all examples of. Electronic funds transfer (EFT) is the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple. If you run a business, how much nicer it is to take a payment from someone's credit or debit card and know that the money will show up in candy in a triangle box account that day or the next? What is Business-to-Business E-Commerce? Information Systems in Organizations Login Forgot your password? The sending bank transmits a message, via a secure system, to the receiving bank, requesting that it effect payment according to the instructions given.