New vendor EFT payment process to be introduced August 6

To: Leaders, budget approvers and departmental and administrative assistants

On August 6, 2024, a new process for Canadian vendors wishing to be paid by electronic funds transfer (EFT) will be implemented. The new process prioritizes information security and comes in addition to new minimum requirements for EFT processing—details of which can be requested from Financial Services.

What is the new process?

Under the new process, vendors will work directly with Financial Services to complete the new online TMU EFT Registration Form. Note, the current PDF-based EFT setup form will no longer be accepted as of August 6, 2024.

If you are a TMU employee facilitating EFT payments to a vendor with a Canadian bank account, please connect your vendor with the Purchasing and Payment team via vendors@torontomu.ca.

New process prioritizes security

By having vendors work directly with Financial Services to set up EFT payments, we can limit the number of individuals who handle sensitive vendor banking information. Limiting the circulation of such information thereby reduces the potential for fraudulent activity involving TMU and its vendors.

Questions?

If you have any questions about the new vendor EFT setup process or the phasing-out of the previous PDF-based form, please contact the Purchasing and Payment team at vendors@torontomu.ca.