Question

What technology is necessary to utilize EFT?

Answer 1

EFT IS NOT ONE BUT SEVERAL TECHNOLOGIES ,ALL REQUIRING THE PROCESSING AND TRANSMISSION OF INFORMATION BY ELECTRONICS MEANS TO EFFECT AN ECONOMIC EXCHANGE AND FINANCIAL SERVICES ARE DECENTRALIZED AND PROVIDED DIRECTLY TO THE CONSUMER AT RETAIL. THEY CONSIST OF TRANSACTIONS THAT MAY INVOLVE AN INDIVIDUAL , A PROVIDER OF GOODS AND OR SERVICES THAT ARE PURCHASED BY THE INDIVIDUAL AND ONE OR PROVIDERS OF FINANCIAL SERVICES . IN SOME EASES. AS IN THE USE OF AN AUTOMATED TELLER MATCHINE (ATM) , THE TRANSFER IS ALMOST IMMEDIATE. IN OTHERS, VALUE IS CONVEYED BY A PAPER INSTRUMENTS SUCH AS CHECK , WHILE THE ELECTRONIC SERVICE PROVIDES INFORMATION TO THE RECIPIENT THAT GOODS FUNDS ARE BEING CONVEYED . FOR EXAMPLE, CHECK VERIFICATION SERVICES HELP EMINATE UNCERTAINTY AS TO WHETHER A CHECK WILL BE RETURNED FOR LACK OF FUNDS . SOMETIMES THE CONSUMER OPERATES A MCHINE THAT IS USED TO PROVIDE AN EFT SERVICE. IN OTHER CASES, THE CONSUMER GAINS ACCESS TO A SERVICE THROUGH AN INTERMEDIARY.. AT PRESENT , DECENTRALIZED EFT DEVICES ARE USUALLY ACCESSED BY THE COMBINATION OF PLASTIC CARDS AND PERSONAL INDENTIFICATION NUMBER , BUT FUTURE SYSTEMS COULD USE FINGERPRINTS, VOICE PRINTS OR SIGNATURE RECOGNITION.