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TL;DR: Electronic Funds Transfer (EFT) is the umbrella term for all electronic payments made between bank accounts. Automated Clearing House (ACH) is one type of EFT that processes payments in batches through the ACHNetwork. Another EFT type that businesses rely on is ACH. In 2024, it processed 1.2
An ACHtransfer is an electronic movement of funds from one bank account to another via the ACH (automated clearing house) network, while a wiretransfer uses a secure network like SWIFT (Society for Worldwide Interbank Financial Telecommunication) or Fedwire (Federal Reserve WireNetwork) to initiate the movement of funds.
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