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Question: What is the difference between EFT & Wire?

Answer: The Payment methods Electronic and Wire are modes of Electronic Fund Transfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them.



Category Accounts Payable Interview Questions & Answers - Exam Mode / Learning Mode
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Question: What is the difference between EFT & Wire?


Answer:

The Payment methods Electronic and Wire are modes of Electronic Fund Transfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them.
Source: CoolInterview.com


EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented mechanism for transfering funds from one bank to another because of which clearing & settlement takes around 2 to 4 days. On the other hand, WIRE is a RTGS i.e. real time gross settlement system of making the fund transfer on real time and gross basis. Clearing and settlement happens on the same day. WIRE is more expensive and faster than EFT. Source: CoolInterview.com

Answered by: Sandy | Date: 10/30/2009 | Contact Sandy Contact Sandy

EFT and WIRE are the most popular form of electronic payment method. EFT stands for electronic fund transfer and it is one of the fastest mode of electronic payment after WIRE. EFT is a batch oriented mechanism for transfering funds from one bank to another because of which clearing & settlement takes around 2 to 4 days. On the other hand, WIRE transfers payment directly to the vendors account on the NBD (next business day).Sometimes these expenses has to shared (partially/fully) by the vendor. WIRE is more expensive and faster than EFT.
Wire is used for outside vendors (not belong to the same country)and EFT is used for Local Vendors. Source: CoolInterview.com

Answered by: Abhishek Mathur | Date: 2/14/2010 | Contact Abhishek Mathur Contact Abhishek Mathur

Its just like Chaps and Bacs Pmt which means Clearing housing automated payment system and BACS means Bank Automated Clearing System. Source: CoolInterview.com

Answered by: Charles Lobo | Date: 3/3/2010 | Contact Charles Lobo Contact Charles Lobo

The Payment methods Electronic and Wire are modes of Electronic Fund Transfers . These modes might differ in the formats and documents involved at the site level. WIRE is a kind of outdated method used by remote sites for payments in ORACLE. Jargon might be different but the actual mode is same of either of them. Source: CoolInterview.com

Answered by: surendrakumar | Date: 7/12/2016 | Contact surendrakumar Contact surendrakumar


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