the transfer of money between financial institutions through an exchange of electronic signals over a network
The electronic banking system allows companies to pay wages directly into workers'accounts.
electronic banking in American English
noun
banking transactions conducted through computerized systems, as electronic funds transfer by automated-teller machines, intended to speed operations, reduce costs, etc.
Word origin
[1975–80]This word is first recorded in the period 1975–80. Other words that entered Englishat around the same time include: family therapy, gridlock, noogie, surrogate mother, videotex
Examples of 'electronic banking' in a sentence
electronic banking
All three attributed the closures to the growth of electronic banking.
Times, Sunday Times (2017)
He suspects the errant dealer is dead and the money gone in the electronic-banking universe.
Globe and Mail (2003)
These people use this system because they are unable or unwilling to cope with electronic banking.
Times, Sunday Times (2011)
She does not use electronic banking but relies on monthly paper statements, so early detection of the fraud was less likely.