U of T’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.
Benefits
- 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
| Collapse All
What information will I receive in the remittance email related to payment?
The remittance email will have a PDF attachment (click here to view an example) listing the same details as a cheque payment would, including invoice amount and other relevant information.
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.