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SEA Currents December 14th, 2019
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21

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EFTS: Electronic Fund Transfer System Update

Posted by on November 21st, 2019 Posted in: All Posts


The Electronic Fund Transfer System (EFTS) is an online billing system for interlibrary loan (ILL) transactions. EFTS collects an ILL charge from a borrowing library, on behalf of the lending library, and pays it to the lender, less a transaction fee.

  • Participating libraries are able to exchange funds for the payment of ILLs instead of creating their own invoices and writing checks to each other.
  • EFTS only processes the financial component of ILL transactions between a borrower and a lender, using ILL transaction information provided to EFTS by the lender.
  • The National Library of Medicine (NLM) DOCLINE platform is the preferred service to match a lender with a borrower.
  • The fulfillment of the ILL by the lender is managed outside of EFTS and DOCLINE, by the lender.

EFTS is currently operated by the University of Connecticut Health Center (UCHC) and has been since 1996, when UCHC and NLM collaborated to create EFTS.

On May 22, 2019, UCHC informed EFTS users that UCHC would regretfully cease EFTS operations on December 31, 2019, a date later extended to December 31, 2020. This announcement has understandably created major concerns for the many libraries that depend on the EFTS service. Since this announcement, MLA, UCHC, and NLM have collaborated on an MLA solution to launch a new and enhanced EFTS platform. UCHC has agreed to extend the current EFTS operations until MLA’s EFTS platform is operational, to ensure a continuity of service.

MLA has developed the specifications of a new EFTS platform. MLA will proceed with actual development and implementation if a minimum of 750 users sign up for the new platform by January 10, 2020. Users can pay for the cost of the US $275 Activation Fee from their existing EFTS account at UCHC*.

For information on the new EFTS features, enhancements, and fees, and to request a user agreement, please consult the EFTS information page. To request a user agreement, go to MLANET.

* Payment of the US $275 is due only if MLA proceeds with the actual development. MLA will notify signed up users of its decision, at which time payment of the activation fee will be due.

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