A prefix meaning one hundredth (1/100). Example: 1/100th of a meter is called a centimeter (there are 100 centimeters in a meter).
EFT Debits (Normal Debit Orders) EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement.
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 checks to conduct a transaction. EFT networks are divided. into two main types: wholesale and consumer.