University of Toronto’s Electronic Funds Transfer Project
Welcome to the Electronic Funds Transfer (EFT) project at the University of Toronto.
This will allow your company to transition from manual, cheque payments to direct deposit payments, which will increase payment speed and transparency.
- 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
Frequently Asked Questions
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What information will I need to get signed up for EFT payments?
You will need a document from your financial institution (e.g. void cheque or a PDF bank letter) to provide the details below:
- First Name
- Last Name
- Job Title
- Phone Number
- Alternative contact (Name, Title and Contact)
- Account Holder Name
- Bank Name
- Financial Institution Number (3 digits)
- Transit Number (4 or 5 digits)
- Bank Account Number (7-12 digits)
- Email address for remittance information
- When payments can start being processed
How do I distinguish the Financial Institution Number, Transit Number and Bank Account Number on a void cheque?
The banking information can be located on your bank statement, encoded deposit slip or cheque, or by contacting your financial institution. See the diagram below for details on how to locate this information on a void cheque.
How will I be communicated with during the onboarding process?
You will receive automated notifications from the Enterprise Service Centre as your application moves through the University’s validation process. Please add email@example.com to your safe senders list to ensure you receive notifications. You can also check your Junk Email folder regularly for messages from this email address.
How do I know that I’ve been set up for EFT payment?
What happens if I need to change my company’s banking details?
Using your unique user ID and password, you can log into Enterprise Service Centre and you can select the link that says I want to change my bank details. You will be asked to enter your new bank details and enter some security information.
Who can I contact for help related to onboarding?
If you have questions or need assistance with getting setup for EFT payments, email firstname.lastname@example.org
Payments and Remittance
What information will I receive in the remittance email related to payment?
How secure is the Enterprise Service Centre for uploading our company’s banking details?
Every year, this platform is rigorously audited by independent third-party companies and government bodies in order to prove compliance with various global and regional standards governing information security. Each one of these audits represents a complete commitment and a vast amount of ongoing effort; each one often involves thousands of assessments, including continual assessments, covering every aspect of ServiceNow’s information security program and efforts.
Are Electronic Funds Transfers secure?
EFT payments are a safe payment option for transferring money between two accounts in Canada. U of T is partnering with CIBC and using several industry-leading security protocols to protect our customers.
Who should I contact for the status of an EFT payment?
The University of Toronto operates in a highly decentralized environment, where departments are responsible for making their own purchases and payments.
Questions related to a specific EFT payment should be directed to the buying department.