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 pleased to announce that the pilot project for Electronic Funds Transfer (EFT) payment is scheduled to launch on August 11, 2022.
This 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. This pilot project will provide a foundation for future EFT rollout to additional vendors.
The EFT pilot project represents minimal change to business processes for departments.
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 8, 2022.
All 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.
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 about:
- Participating vendors
- An overview of the project
- Highlights for Financial Administrators
- Documentation and Simulations Related to the EFT Initiative and FIS reporting and processing
Please contact Kirin Jeffery, EFT Project Manager, at firstname.lastname@example.org for specific questions.
EFT Pilot Project Team