Funds transfer

American Institute of Certified Public Accountants. Audit Considerations in Electronic Fund Transfer Systems. New York AICPA, 1979. 

Board of Governors of the Federal Reserve System. Electronic Fund Transfers. Regulation E (12 CFR Part 205). effective March 30, 1979 (as amended effective May 10, 1980.)... 

Schroeder FJ. Developments in consumer electronic fund transfers. Fed Res Bull 69(6) 395-403, 1983. 

He already is a member of a buying group, and he uses electronic funds transfer to facilitate timely deposits from plans. 

Pharmacy staff can also order inventory via the Internet, which is termed e-procurement. e-Procurement allows the pharmacy to receive immediate item allocation and order confirmation. These sophisticated systems drastically cut down on the time and effort spent on procurement. Prices can be updated daily or weekly by using electronic invoice transmission, and returns and credits can be completed electronically Invoices are then paid by electronic funds transfer (EFT). 

DaPr89 Donald W. Davies, Wyn L. Price Security for Computer Networks, An Introduction to Data Security in Teleprocessing and Electronic Funds Transfer (2nd ed.) John Wiley Sons, New York 1989. 

There is no real physical activity or presence required in any of the transactions. Fund transfers, monetary transactions, contractual and regulatory settlements, and information exchanges are all done online. 

Here we will explain an Internet banking system as a practical example of a C/S system. An Internet banking service is an online financial service that is offered on the Internet. The system offers various financial services, such as inquiry for bank balance, inquiry for payment details, and fund transfer to customers via the Internet. 

We win explain the flow of transactions in C/S processing through an example of fund transfer service between a customer s account in bank A and another account in bank B. Figure 20 shows the flow of processing for the example. 

Step 4 The customer selects fund transfer from the menu displayed on the Web page. 

Step 7 After the server of bank A confirms that the processing was completed normally in the server of bank B, it updates (withdraws) the account information of the customer in the database. The acknowMgement that the request for fund transfer is successfully completed is also displayed on the customer s Web page. 

Monetary institutions and industrial firms alike strive to keep their funds working at all times. Techniques of cash management, such as electronic funds transfer, provide the potential to put to work cash receipts immediately. This has shortened the compounding periods to the point where the use of continuous compounding is the most appropriate cash flow model. In the concept of discrete cash flows with continuous compounding, it is assumed that the cash flows occur once per year but that compounding is continuous throughout the year. Thus, if... 

Panurach, R (1996). Money in electronic commerce Digital cash, electronic fund transfer, and e-cash. Communications of the ACM, 39(6). 

Financial and producer services firms were at the forefront of the construction of fiber networks in large part because they allowed the deployment of electronic funds transfer systems, which comprise the nervous system of the international financial economy, allowing banks to move capital around a moment s notice, arbitrage interest rate differentials, take advantage of favorable exchange rates, and avoid political unrest (Langdale, 1989 Warf, 1995). Fiber carriers are heavily favored by large... 

Within a Credit Lyonnais, French bank branch located at the neighboring of Paris 6 in France, the counter clerk who greeted the local clients have disappeared three years ago. The clerk was replaced by an automaton machine able to carry out 70% of current banking transactions such as money withdrawing, income statements, funds transfers, bill payments, cards orders, profile updating, automaton machine s aecess with mobile phone, check deposit without envelopes, and other advanced features. From now on, the cUents themselves perform their banking operations on the machine. 

A payment scheme is a mechanism used to transfer funds from the payers to the providers. It can have a significant effect on how health care resources are allocated and services delivered. A well designed scheme facilitates access to health services and ensures high quality care, while promoting efficient use of resources at low cost. Therefore, it accomplishes far more than just funds transfer. As outlined in Langenbrunner et al. (2009), the methods of payment include fee-for-service (FFS), capitation, per diem, case based as in bundled payment, and pay-for-performance (P4P). 

EFFICIENT FUNDS TRANSFER The Internet and cell phones can enhance the convenience and lower the cost of revenue collection, especially in small amounts. For example, after the earthquake in Haiti in 2010, Mercy Corps transferred 40 automatically into each Haitian person s account, allowing him or her to buy food at local merchants. This was much more efficient than handing out cash or vouchers. 

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