> For the complete documentation index, see [llms.txt](https://docs.xft.finance/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.xft.finance/idn/technical/payments/eft.md).

# EFT

COUNTERPARTIES

[Payments Canada](https://www.payments.ca/)

FLOW

1. Initiation: A business or individual triggers a transaction through online banking, mobile apps or point-of-sale terminals.
2. Authorization: Multifactor authentication secures the transaction through passwords, PINs or biometric verification.
3. Transmission: Secure networks route payment data between financial institutions via established channels like ACH or SWIFT.
4. Processing: Banks verify the transaction details and available funds.
5. Settlement: Funds move between accounts based on the chosen transfer method.
6. Confirmation: Systems generate unique transaction IDs or reference numbers for record-keeping and provide confirmation to the parties involved.