To: Departmental Administrators
From: Electronic Funds Transfer Project Team
Re: Electronic Funds Transfer Project – Phase 2
Dear Departmental Administrators,
In August 2022, the University launched the Electronic Funds Transfer (EFT) project to transition vendor payments by paper cheque to direct deposit, offering increased payment speed while reducing processing costs for the University and vendors. In the first phase of the project, 33 Canadian currency vendors were onboarded, based on their transaction volume and spend.
With Phase 1 now complete, we would like to provide you with an update on what you can expect for Phase 2. From February 2023, we will begin an ongoing strategic onboarding of existing U of T vendors to EFT payments – please note vendor numbers will be limited due to capacity and operational requirements. EFT payment runs will continue to run weekly on Tuesdays.
Onboarding Additional Vendors
We are also ready to accept vendor recommendations from the U of T community for consideration. If you have vendors that you would like to suggest for EFT payments, please review the following before submitting your request:
- Priority will be given to vendors with high transaction volume and spend across the University
- 1-series vendors only (CAD payments only)
- Each unit restricted to maximum of 5 vendors for consideration
While we will make our best efforts to review your suggestions in a timely manner, not all requests may be accommodated as part of Phase 2.
Please stay tuned for more details regarding Phase 2.
EFT Project Team