Which system primarily aims to eliminate the need for paper in fund movements?

The Electronic Funds Transfer System (EFT) is designed specifically to facilitate the electronic transfer of funds, eliminating the reliance on paper-based processes such as checks or cash transactions. By using this system, consumers and businesses can send and receive money electronically, streamlining payments and enhancing efficiency in fund movements.

EFT encompasses a variety of applications, including direct deposits, bill payments, and debit transactions, all of which are conducted electronically. This system promotes increased speed and security in financial transactions, as electronic transfers reduce the risk of theft or loss associated with physical currency or paper checks.

The other options, while related to electronic payment processing, do not solely focus on the elimination of paper in fund movements. For example, an Electronic Payment Gateway is primarily a technology that facilitates online transactions between merchants and customers, serving as a bridge between the transaction and the payment processor. Electronic Funds Transfer at Point of Sale refers specifically to transactions made at retail locations rather than a broader range of electronic funds movement. Electronic Financial Services cover a broad spectrum of online banking and financial management services but do not specifically target the elimination of paper in fund movement like the EFT system does.