The University of Toronto is  introducing a pilot project to update the payment method for external vendors. This initiative will help to increase efficiency and transparency as well as provide a convenient, cost-effective way to distribute recurring payments to established Canadian vendors. To achieve this goal, the Financial Services Department, Procurement Services and Enterprise Applications & Solutions Integration are seeking to implement a pilot Electronic Funds Transfer (EFT) payment system that will allow U of T to pay vendor invoices directly to vendors’ bank accounts.

Launch date subject to change.