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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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Highlights for Financial Administrators

  • All EFT’s will occur once a week on Tuesdays, with the exception of the initial run on Thursday, August 11th.
  • Most EFT payments will have 25 day payment terms instead of 35 days for most non-EFT vendor payments.
  • For invoices over $50,000, a new prompt to remind users to proactively attach supporting documentation (i.e. invoices). In these instances, the back-up documentation is required before the EFT is approved.
  • If an EFT vendor has duplicate vendor accounts, the duplicates will be blocked so that all payments are directed to the EFT vendor number going forward.
    • In cases where an EFT vendor had multiple vendor accounts, and a Purchase Order was created with one of the non-EFT vendor numbers prior to the launch, when processing the PO Invoice Receipt processors must enter the designated EFT vendor number in the “Inv. Party” field (see Option 2 in this article).

Important Note:

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 9, 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.

Documentation & Simulations Related to EFT Initiative and FIS


Questions about processing EFT payments, reporting and troubleshooting errors in FIS: Contact your FAST Team representative
Questions about vendor master records (i.e. banking information): Contact Procurement Services
Questions regarding EFT transmissions: Contact Accounts Payable