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Difference between E banking and Electronic fund transfer

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Kishore Nuthalapati

Accountant for multiple small entities

154 Points Posted on 08 April 2023

Hi

Could some one explain the difference between E banking and Electronic fund transfer in information systems Audit context

Thanks in advance

Replies (3)

Quick Summary

E-banking encompasses all digital banking activities via internet or mobile, offering convenience for transactions like balance checks and bill payments. Electronic Fund Transfer (EFT) specifically refers to the movement of money between accounts, initiated through various electronic channels. For auditors, E-banking requires focus on security and access, while EFT demands attention to transaction accuracy, authorisation, and fraud prevention.

CA Rakesh Ishi

Working at Private Company

7751 Points Posted on 09 April 2023

E-banking refers to the use of electronic channels such as the internet, mobile phones, and other digital devices to conduct banking transactions, such as checking account balances, transferring funds, paying bills, and applying for loans. E-banking allows customers to access their accounts and perform transactions at their convenience, without having to physically visit a bank branch.

On the other hand, EFT refers to the electronic transfer of funds from one bank account to another, either within the same bank or between different banks. EFT can be initiated through various channels, including online banking, mobile banking, ATMs, and point-of-sale (POS) terminals.

sabyasachi mukherjee

Profession

19978 Points Posted on 10 April 2023

E banking and electronic fund transfer.

usnini asen

usniniasen

22 Points Posted on 27 February 2025

Hello! In the audit, electronic banking needs to focus on issues such as user authentication, data encryption, access control, and service availability. Electronic fund transfers need to focus on transaction accuracy, authorization processes, anti-fraud measures, and compliance with fund flows.

In addition, if signal interference or data transmission problems are encountered during the audit, the integrity and accuracy of the audit data may be affected. jammermfg may be helpful to ensure that the audit is carried out smoothly. I hope these explanations are helpful to you!