Learn in the textbookThe Foundations of Electronic Payment and Data Exchange
DefinitionEFT (Electronic Funds Transfer, 電子資金移動) is a system that moves money itself from one account to another over a network, without cash or paper cheques.
ExplanationBank transfers, automatic debits for utility bills and salary deposits are everyday examples. What actually moves is not banknotes but the balance figures held on financial institutions' computers.
AnalogyRather than carrying cash over in a bag, the money flows down a line into the other person's account.
Memory hookF is for Funds and T is for Transfer: just as the name says, a technique for moving money.