Associations Solutions client the Medical Library Association (MLA) recently launched the enhanced Electronic Fund Transfer System (EFTS) Platform that will greatly benefit not only medical libraries but the industry as a whole. The EFTS is the online billing system for interlibrary loan (ILL) transactions that collects an ILL charge from a borrowing library, on behalf of the lending library, and pays it to the lender, less a transaction fee.
MLA determined they had the expertise and the means to develop a new platform to make it simple to transfer money between a user’s library and their EFTS fund account. In February alone, MLA had 750+ libraries who had expressed their interest in joining the new EFTS and requested a user agreement. New features include:
- More secure: MLA holds no financial account information
- Users have total control
- Users receive payment notices automatically
- Users can securely connect their bank accounts
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