EFT Phase 2 – Important Announcements 

Date: February 15, 2023
Departmental Administrators
Electronic Funds Transfer Project Team
Re: EFT Phase 2 – Important Announcements


Dear Departmental Administrators,

As noted in a communications sent on January 12, 2023, the University is currently launching Phase 2 of the Electronic Funds Transfer (EFT) project.

Starting March 2, 2023, we will begin a gradual onboarding of existing U of T vendors to EFT payments. EFT payment runs will continue to run weekly on Tuesdays.

Please note the following changes to business processes:

  • All payments after onboarding must be paid through EFT.  You can quickly identify vendors that have been set up for EFT payment by using the custom U of T vendor matchcode search and selecting payment method ‘E’. Read this article to find out more.
  • Onboarded vendors will have a single EFT Vendor account in SAP. As a result, duplicate vendor master records will be blocked for posting. Any open items in the blocked duplicate vendor will be paid by cheque, but no new postings will be permitted.
  • Payments above $50,000 will not be processed if documentation has not been attached, which includes EFT and other select vendor groups. When posting vendor payment postings above $50,000 users will receive a reminder to attach backup documentation. If backup documentation has not been attached, users will receive follow-up custom email reminders listing the documents that require attachments, with instructions on how to attach supporting documents. Watch this video to learn more.

For more information on this project, visit the Financial Services EFT page, or email purchasing.help@utoronto.ca.

EFT Project Team