electronic banking

electronic banking definition - finance
A form of banking in which funds are transferred electronically between financial institutions instead of cash, checks, or other negotiable instruments being physically exchanged. The ownership of funds and transfers of funds between financial institutions are recorded on computer systems connected by telephone lines. Customers of the financial institutions can access their records using a password or personal identification number (PIN).

Webster's New World Finance and Investment Dictionary Copyright © 2003 by Wiley Publishing, Inc., Indianapolis, Indiana.
Used by arrangement with John Wiley & Sons, Inc.

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