Electronically based payment systems have been around since the 1960s
Banks use electronic funds transfer (EFT) to exchange ÅgmoneyÅh
It is a transfer of debt from one bank to another
Much of the money held by banks is in the form of debts owed by them or to them
The evidence for this debt is in the bankÅfs computers
EFT systems manage the information concerning these monetary debts
They allow rapid and efficient transmission of data about these debts between banks and the updating of the debt records
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