To: Departmental Administrators
From: Electronic Funds Transfer Pilot Project Team
Re: Launch Aug. 11 – U of T Electronic Funds Transfer Payment Pilot Project
Dear Departmental Administrators,
The University of Toronto is excited for the upcoming launch of Electronic Funds Transfer (EFT) payment on August 11, 2022.
This pilot project has vetted select Canadian currency vendors to transition from payments with a paper cheque to direct deposit payments, offering increased payment speed while reducing processing costs for the University and vendors. Vendors were selected for the EFT pilot due to their transaction volume and spend.
The onboarding process for this pilot project was highly successful, and we will conduct a survey in August with participating vendors to gather feedback on potential improvements for future EFT rollout to additional vendors.
The EFT pilot project represents minimal change to business processes for departments.
Details to Remember:
- As part of the process to move vendors on to EFT payments, a special final cheque run for EFT vendors will be processed on August 9, 2022.
- All invoices (except holdback invoices) pertaining to the pilot vendors entered in the system before this special payment run (regardless of due date) will be paid via cheque. Any invoices entered in the system after this special run will be paid via EFT when due.
- EFT vendors will start to receive EFT payments on August 11.
- EFT vendors may be blocked from posting entries briefly for the payment method change process.
Interested in learning more about changes for users? Visit Financial Services’ webpage for details.
Questions? Please contact Kirin Jeffery, EFT Project Manager, at email@example.com for specific questions.
Thank you to everyone who has helped to make this project a success.
EFT Pilot Project Team