Dear Departmental Administrators,

The Electronic Funds Transfer team is excited to announce that Phase 2 of the project has successfully launched.

We have begun a gradual onboarding of existing U of T vendors to EFT payments, and 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 account will be paid by cheque, but no new payment postings will be permitted.
• For EFT payments above $50,000, documentation will need to be attached in AMS or the payment will not be generated. For non-EFT payments above $50,000, documentation should be attached in AMS or the payment will not be released.
• When posting vendor payments 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.

Sincerely,
EFT Project Team