Question

Describe the process of EFT from start to finish.

________. Initiate the transfer, Verify the details, Authorize the transfer, Confirm the transfer
2) Verify the details, Initiate the transfer, Authorize the transfer, Confirm the transfer
3) Authorize the transfer, Verify the details, Initiate the transfer, Confirm the transfer
4) Confirm the transfer, Authorize the transfer, Verify the details, Initiate the transfer

Answer 1

The correct process of an EFT is to verify the details, initiate the transfer, authorize the transfer, and finally, confirm the completion of the transfer.

Step-by-step explanation:

The process of Electronic Funds Transfer (EFT) typically occurs in the following order:

1. Verify the details: The person or entity initiating the transfer must confirm the accuracy of the recipient's banking information and the amount to be transferred.
2. Initiate the transfer: Once the details are verified, the initiator will set up the transaction with their financial institution, providing all necessary information.
3. Authorize the transfer: To proceed, the initiator must give formal authorization for the transfer to take place, which can involve security checks or PINs to ensure legitimacy.
4. Confirm the transfer: After authorization, the transfer is processed, and both parties typically receive a confirmation notice confirming the transaction's completion.

This makes the correct order from the given options: 2) Verify the details, Initiate the transfer, Authorize the transfer, Confirm the transfer.