EFT-Electronic Funds Transfer is basically batch of payments are transferring from one bank to another bank with specified time lines. EFT payments are also called as BACS if it is UK, ACH in US for domestic payments. Foreign payments are called as SWIFT payments.
WIRE: Wire can be used to release payments for local or international, Different countries will be named in different ways viz., CHAPS for Local Payments made in UK, WIRE for all international payments made from UK and Local & foreign payments made in all other countries
There is no specific abbreviation for the term WIRE because when the payment is being made using this option, you will not see the physical movement of funds. It is all electronic. It is just like a current passes through Wire.
Therefore Electronic movement of funds is campared with WIRE.
Software Technology Parks of India (STPI).Some of the software service providers will get exemption from STPI for their software exports. In accounts payable may be we need to define the vendor STPI location wise.
In India we have different STPI location. If one vendor supplying services or materials to all OR some of the STPI locations we need to maintain the same vendor STPI wise.