Knowledge Base

7. EFT Payments and Receipts  

This subsystem eliminates the need for an institution to generate cheque payments or to receive money using the Counter Subsystem. These transactions can be handled using the EFT interface file. This approach has the advantage that bank statements have fewer transactions, which in turn speed up the bank reconciliation process. Student and other debtor fees can be transferred directly between bank accounts, which eliminate the possibility of cheques, etc. being lost in the mail.