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Eft in Kenya

  • Date Submitted: 12/05/2011 02:45 AM
  • Flesch-Kincaid Score: 41.5 
  • Words: 1833
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INTRODUCTION
EFT is an electronic method for instructing financial institutions to debit or credit customer accounts and thereby effect a transfer of funds from one account to another. EFT methods are faster and more secure for moving funds.
The term EFT refers to the application of computer and telecommunication technology in making or processing payments. The term itself does not refer to a specific product. Rather, it is a descriptor that defines payment vehicles that use electronic networks instead of cash or cheques to conduct transaction.
According to HD, DC Ince and AG Sutcliffe in their book Business Information System, EFT involves the transfer of funds from one account to another without the actual exchange of cash or paper cheques. Data is exchanged between computers in order to instantaneously authorize and complete a transfer of digital cash. It entails transactions being carried by electronic /magnetic means instead of documents.
EVOLUTION OF EFT
According to the Stan Sienkiewicz in the discussion paper (Payment cards Center), the origin of the Electronic Fund Transfer (EFT) INDUSTRY CAN BE TRACED BACK TO THE introduction of ATM cards in the Banking business in the mid 1960s, the use of ATM increased as the banking services expanded. With the increased use of the ATM, U.S financial Institutions entered the era of EFT system after the U.S Supreme Court upheld on the earlier U.S court of Appeal’s decision that the ATM did not represent bank brunches only.
In Kenya, the EFT system can be said to have come as result in the increased development of technology and the increased completion in the banking industry. The desire by the banking institutions to reach all their customers all over the country and to provide their services 24hrs led to the increased desire and adoption of the EFT system by the institutions in Kenya.
The desire of the banking institutions to provide unique services to their customers and to take control of the banking...

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