What functionality does Electronic Funds Transfer (EFT) provide?

Electronic Funds Transfer (EFT) provides the functionality that enables customers to authorize fund transfers for various transactions, including paying invoices. This process streamlines payments by allowing funds to be transferred directly from one bank account to another without the need for physical checks or cash. By utilizing EFT, businesses can quickly and securely process payments, ensuring that invoices are paid promptly and reducing the time and resources required for manual payment processing.

In contrast, the other options do not accurately reflect EFT's primary purpose. Investing in stocks typically involves a different set of transaction processes related to brokerage accounts, while international wire transfers often require specific routing and regulatory considerations beyond what standard EFT transactions entail. Generating monthly financial reports is also a separate accounting function that usually falls under financial reporting and analysis, rather than being a direct capability of EFT itself. Thus, the correct choice highlights EFT's key role in facilitating efficient and secure payments within a business's accounts receivable process.