Electronic Funds Transfer (EFT) Initiative – FIS Documentation
|The University has introduced an initiative to enable select vendors to transition from receiving payments in the form of a cheque to an electronic funds transfer (EFT). In the current phase, the following vendors have been vetted and set up to receive EFTs.
NOTE: Only the above list of vendors will be included. In the future the initiative will be expanded to include additional vendors.
Launch Date: August 11th, 2022
Benefits of the EFT Initiative:
- Increases payment transparency
- Reduces uncertainties associated with timing of payments
- Avoids lost or misdirected cheques
- Eliminates the inconvenience of suppliers having to deposit cheques
- Increases speed of payment
Click here to get an overview of the EFT Project.
During the current phase, select vendors will have their vendor master record modified with a unique Payment Method (“E”) and banking information once properly vetted by the University. However, this will have minimal impact on how users process Purchase Order (PO) and non-PO related invoices, and no impact on payments to non-EFT vendors.
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