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2019	4.8 Satisfied (121 Votes)
2019	4.4 Satisfied (219 Votes)

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What is the meaning of EFT application?

EFT Payment Application Process Electronic funds Transfer (EFT) payments, which can be by ACH or wire, are received in the Accounts Receivable module as payments. In order to get these recorded in the financial system, a bill must exist or be entered in EFS so the payment can be applied.

Is EFT the same as ACH?

You can set up one-time or recurring EFT transactions and allow up to three layers of approval for sending or receiving money. To set up a payment to another account, you need their bank account number, their institution number, branch number and account number, and their transit number.