U of T Electronic Funds Transfer Payment Pilot Project

Date: June 8, 2022
Departmental Administrators
Electronic Funds Transfer Pilot Project Team 
Re: U of T Electronic Funds Transfer Payment Pilot Project


Dear Departmental Administrators,

The University of Toronto is pleased to announce a pilot project for Electronic Funds Transfer (EFT) payment. This project has selected over 50 Canadian 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.

If vendors elect to participate, they will be provided with login credentials to upload their contact and banking information to the Enterprise Service Centre. Throughout the onboarding process, vendors will receive notifications from the Enterprise Service Centre to update them on the status of their submission.

The EFT pilot project represents minimal change to business processes for departments. Please stay tuned for further communications closer to the launch in August 2022.

Processing Details:

  • New payment method for EFT payments.
  • Unique document number for clearing documents.
  • Once enrolled, pilot vendors will only receive EFT payments and payments will run weekly.
  • Payments $50K and above will continue to require supporting documentation to be sent to AP the day before the EFT payment run.
  • Non-construction vendors who enroll in the pilot will have reduced payment terms from 35 to 25 days that will take effect after August 11.

Key Dates (subject to change as we undertake testing):

  • Vendors are invited to participate in the pilot on June 13.
  • Vendors are sent login credentials to the Enterprise Service Centre on June 27.
  • Vendors are asked to sign up for EFT payments by August 4.
  • Once enrolled, vendors will receive EFT payments after August 11.

Please contact Kirin Jeffery, EFT Project Manager, at kirin.jeffery@utoronto.ca for specific questions.

EFT Pilot Project Team