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    Electronic data interchange, also known as electronic data processing, is based upon electronic exchange of data between a number of mini and microcomputers in a regular planned system. Electronic funds transfer refers to fund transfers between financial institutions. This allows a large number of businesses to carry out prompt business transactions, orders and invoices. EFT is a precise and efficient system that is considered favorable as compared to traditional money transfer methods.

    The larger concept of electronic data interchange has been in use since the 1960?s, but gained popularity in the late twentieth century. This paved the way for commencement of electronic commerce, business extranets that linked c

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    rocomputers in a regular planned system. Electronic funds transfer refers to fund transfers between financial institutions. This allows a large number of businesses to carry out prompt business transactions, orders and invoices. EFT is a precise and efficient system that is considered favorable as compared to traditional money transfer methods.

    The larger concept of electronic data interchange has been in use since the 1960?s, but gained popularity in the late twentieth century. This paved the way for commencement of electronic commerce, business extranets that linked

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    umber of businesses to carry out prompt business transactions, orders and invoices. EFT is a precise and efficient system that is considered favorable as compared to traditional money transfer methods.

    The larger concept of electronic data interchange has been in use since the 1960?s, but gained popularity in the late twentieth century. This paved the way for commencement of electronic commerce, business extranets that linked

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    able as compared to traditional money transfer methods.

    The larger concept of electronic data interchange has been in use since the 1960?s, but gained popularity in the late twentieth century. This paved the way for commencement of electronic commerce, business extranets that linked

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    but gained popularity in the late twentieth century. This paved the way for commencement of electronic commerce, business extranets that linked customers and suppliers, and prompted the growth of numerous network-based technologies. It eliminated the need for paper-based authentication for financial transactions. With continuous development and innovation in the complicated EFT system, their use increased considerably. These include electronic wire transfers, ATM transactions, Direct Deposit of payroll, business-to-business payment, and federal, state, and local tax payments.

    In 1968, a team of railroad businesses who were apprehensive about accuracy and speed of then existing data transmissions formed the ?Tra

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