In August 2022, the first phase of the pilot project launched and vetted 33 Canadian currency vendors to transition from payments by paper cheque to direct deposit, offering increased payment speed while reducing processing costs for U of T and vendors. Vendors were selected for the EFT pilot based on their transaction volume and spend, and were onboarded through the Enterprise Service Centre.
Click here to learn how you can get a list of EFT vendors.
After a successful pilot, the second phase of the project will focus on increasing automation and reducing manual workflows.
Phase 3 is focused on streamlining processes, particularly in Accounts Payable, for reviewing and approving supporting documentation for payments. The payment run deadline is every Monday at 8 A.M., with EFT payments occurring once a week on Tuesdays.