I The state of the technology

Electronic funds-transfer (EFT) systems apply electronics technology to common financial transactions, those typically handled by cash or checks. In the process, these systems may also transfer associated information. The principal EFT systems in operation today are: online teller terminals, automated teller machines, point-of-sale devices or terminals, automated clearing-houses, and facilities for paying bills by telephone. All of the technology for these services is here now. Most of the technology necessary to develop additional EFT services is also here now. What the future may bring is improvements in the types of equipment involved, leading to EFT systems providing a wider range of consumer services, and the development of large-scale switching and processing centers to communicate transaction messages from many merchant locations to many different financial institutions.