direct debit; account-to-account transfer
A banking service where funds are automatically transferred from one account to another, commonly used for recurring payments like utility bills.
I pay my utility bills by direct debit.
You can set up an account-to-account transfer at the bank.
口座振替 is the formal banking term for automatic account transfers, while 引き落とし is the everyday word people use for the same automatic debit.
Compound of 口座 (account) and 振替 (transfer). The term is a modern financial expression with no obscure historical derivation.