History
of Business Cost Reductions Using
Electronic Technologies
•Electronic funds transfers (EFTs or
wire transfers): electronic transmissions of account exchange information
over private
networks.
•
•Electronic
data interchange (EDI): when one business transmits computer-readable data in a standard format to
another business. Both parties to the transaction must have compatible computer systems, some kind of communications
link to connect them, and must agree
to follow the same set of
EDI standards.