Dear Departmental Administrators,

We are pleased to announce that the University of Toronto has successfully launched Electronic Funds Transfer (EFT) payment pilot project. Pilot vendors started receiving EFT payments on August 11.

This pilot project vetted select Canadian currency vendors to transition from payments by paper cheque to direct deposit, offering increased payment speed while reducing processing costs for the University and vendors. Thirty-three vendors were selected for the EFT pilot due to their transaction volume and spend and have been onboarded to the Enterprise Service Centre.

In late August, we will be conducting a survey with participating vendors to gather feedback on potential improvements for future EFT rollout to additional vendors. Please stay tuned for more details on Phase 2 and future onboarding plans.

Interested in viewing participating vendors and learning more about changes for users? Visit Financial Services’ webpage for details.

Questions? Please contact Kirin Jeffery, EFT Project Manager, at kirin.jeffery@utoronto.ca for specific questions.

Thank you to everyone who has helped to make this project a success, and we look forward to future phases of this exciting project.

Sincerely,

EFT Pilot Project Team