funds transfer

funds transfer. A payment of money from one person or entity to another; esp., the process by which payment is made through a series of transactions between computerized banking systems, beginning with an originator’s payment order and ending when a final payment order is received by the beneficiary’s bank. • Commercial or wholesale funds transfers are governed by Article 4A of the UCC. Consumer funds transfers are regulated by the federal Electronic Funds Transfer Act (15 USCA §§ 1693 et seq.). — Also termed (specif.) electronic funds transfer (EFT). [Cases: Banks and Banking 188.

5. C.J.S. Banks and Banking §§ 445–451.]

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词条贡献者

译者Jenna，毕业于法国顶尖的高级翻译学院，擅长翻译有关互联网与电子商务领域的法律文件。