Describe the principal cash transfer tools Wire Transfer EDT

Describe the principal cash transfer tools

-Wire Transfer

-EDT

-Electronic DTC

Solution

Wire transfer is a secure method of transferring money from single individual or entity in one geographical location to another entity in a different location .These are also known as remittances in US.

DTC: Depository Transfer Check is an efficient cash management tool used by banks to record all receipts of the banks across various locations or branches. They help in tracking of the cash outflow and inflows.

EDT means Electronic data transfer EDI (electronic data interchange is a type of EDT.
EDI: It is computer assisted transfer in which funds are transferred between 2 financial institutions. It includes in the benefit of being paper less, cloud computing ,etc.

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