Understanding EFT Testing: A Complete Guide to Electronic Funds Transfer Testing
EFT Testing also referred to as Electronic Funds Transfer Testing, is a predominant practice in the finance and banking industry. It refers to the testing and verification of electronic fund transfer systems by institutions, banks, and individuals. With the increasing use of online banking services and an ever-growing dependence on seamless transactions, EFT Testing buys the confidence that all payments are being processed securely, instantaneously, and without defect. Why EFT Testing is Essential for Financial Institutions? The significance of EFT Testing cannot be underestimated. Banks process thousands, if not millions, of electronic transactions every day. All these transactions need to follow a well-established procedure of account verification, transaction authorization, deduction of funds, and settlement. EFT Testing ensures that all elements in this chain work perfectly. In the absence of proper testing, there may be service interruptions, improper cash credits or debits, cash...