Electronic Fund Transfer (EFT)

Electronic Funds Transfer (EFT) refers to the automated, electronic process of transferring money between bank accounts. It eliminates the need for physical checks, cash, or other manual payment methods, providing a faster and more secure alternative for financial transactions. In the context of corporate travel, EFTs are widely used to pay travel vendors, reimburse employees, and settle expenses directly through banking systems. Whether it's for paying for hotel stays, booking flights, or managing travel allowances, EFT simplifies and speeds up financial workflows. TripGain and similar travel platforms often integrate EFT into their systems to ensure seamless financial operations. This not only enhances user convenience but also supports compliance, audit trails, and real-time payment tracking—crucial elements for any business managing travel and expense at scale.