EFT and ERA Transactions Basics The Centers for Medicare & Medicaid Services (CMS) has created a series of fact sheets explaining the basics of HIPAA Administrative Simplification transactions and code sets. These fact sheets are designed to help the health care industry understand the purpose of HIPAA adopted transactions and to explain which standards and operating rules govern each transaction. Today’s featured fact sheet covers electronic funds transfer and electronic remittance advice and provides information on the adopted standards and operating rules for these transactions.