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.
公共料金は口座振替で支払っています。
I pay my utility bills by direct debit.
口座振替の手続きは銀行で行えます。
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.