Electronic Fund Transfer
92
Revista Informatica Economică nr.3(47)/2008
A Study Looking the Electronic Funds Transfer
Codruţa POENAR Department of Economics Informatics Faculty of Economics and Business Administration Babeş-Bolyai University, Cluj-Napoca, România cpoenaru@webmail.econ.ubbcluj.ro The aim of this paper is to present the characteristics of the most important electronic funds transfer in the world, both interperson and interbank. We identified the following informations: location, type, owner, operator, number of transactions, transsactions value, clients, financial scheme and the message format. Keywords: electronic funds transfer, ACH, SWIFT, CHIPS, TARGET. he electronic funds have appeared as a necesity in the nowadays financial industry. The most important reasons are the following: [Patriciu et. all,2004] transaction processing low cost (about 1 dolar/transaction); low time processing (some minutes to maximum 1 day); low risk in the financial messages transmission (private, personal communication networks). Definition: The electronic fund transfer system (EFT - Electronic Funds Transfer) represent a set of devices and specific procedures used to make possible the movement of the monetary flux from the payer to the payee, in an exclusive electronic medium. [Patriciu et. all,2004] Electronic Funds Transfer between persons. Generalities The electronic funds transfer between perWestern Union Characteristics Location: Owner: Operator: Services:
T
sons are made using the two well-known services, MoneyGram and Western Union. They suppose that the sender and the receiver are in an agency where is the logo of the two services. The location of these systems are banks. The money transfer made by using the two systems isn’t especially the result of an commercial act. So it not suppose a payment, because there is a simple money sending from a person to another. Electronic Fund Transfer systems between persons implementations We will present the most important
Revista Informatica Economică nr.3(47)/2008
A Study Looking the Electronic Funds Transfer
Codruţa POENAR Department of Economics Informatics Faculty of Economics and Business Administration Babeş-Bolyai University, Cluj-Napoca, România cpoenaru@webmail.econ.ubbcluj.ro The aim of this paper is to present the characteristics of the most important electronic funds transfer in the world, both interperson and interbank. We identified the following informations: location, type, owner, operator, number of transactions, transsactions value, clients, financial scheme and the message format. Keywords: electronic funds transfer, ACH, SWIFT, CHIPS, TARGET. he electronic funds have appeared as a necesity in the nowadays financial industry. The most important reasons are the following: [Patriciu et. all,2004] transaction processing low cost (about 1 dolar/transaction); low time processing (some minutes to maximum 1 day); low risk in the financial messages transmission (private, personal communication networks). Definition: The electronic fund transfer system (EFT - Electronic Funds Transfer) represent a set of devices and specific procedures used to make possible the movement of the monetary flux from the payer to the payee, in an exclusive electronic medium. [Patriciu et. all,2004] Electronic Funds Transfer between persons. Generalities The electronic funds transfer between perWestern Union Characteristics Location: Owner: Operator: Services:
T
sons are made using the two well-known services, MoneyGram and Western Union. They suppose that the sender and the receiver are in an agency where is the logo of the two services. The location of these systems are banks. The money transfer made by using the two systems isn’t especially the result of an commercial act. So it not suppose a payment, because there is a simple money sending from a person to another. Electronic Fund Transfer systems between persons implementations We will present the most important
References: • [Patriciu et. all,2004] - Securitatea comerţului electronic, Victor Valeriu Patriciu şi alţii, Editura All, 2004 (CAP. 4 - Sisteme electronice de plăţi în E-commerce) • [Vasilache,2004] - Plăţi electronice. O introducere, Dr. ing. Dan Vasilache, Editura Rosseti Educational, 2004 (CAP 8. Sisteme de plăţi şi transferuri electronice de fonduri)