![]() ![]() This low-effort aspect means full-time employees (FTEs) can switch focus to more significant issues while the details are taken care of electronically.ĭirect deposit: Electronically pay invoices, bills, and employees via payroll systemsĪTMs: Withdraw, deposit, check, and transfer funds between accounts electronicallyĭebit cards: Make purchases online and in-store, transfer funds between accounts and pay bills online, all using your debit card It requires little work on either end of the transaction and, more often than not, saves businesses money. With the RTR, clearing and settlement will occur instantly, the transaction limits will be much higher than today, and payments will be irrevocable and non-repudiableĪmanda Holden, Canada’s Fraud and Security Intelligence Division The Types Of EFT PaymentsĪll Electronic Funds Transfer methods deliver a fast, reliable and cost-effective way to transact. This is why Payments Canada’s real-time rails are causing such a stir. And while this system works, there is no doubt businesses are spending much too much time, energy and dollars on reconciling payments. Today, most of Canada’s electronic payments are happening via Payments Canada’s batch-based EFT system, which runs over the Automated Clearing Settlement System (ACSS). Payment rails are the platform that moves money from payers to payees. Even the scheduled payment of your internet bill online. Whether it is the tap of a debit card when you purchase your morning coffee or the automatic monthly salary deposit into your bank account. It allows businesses and consumers to transfer and collect payments between vendors and suppliers quickly and efficiently. This is done without requiring a bank teller to assist or create a paper trail. ![]() Essentially an EFT is the digital transfer of funds from one account to another. What used to be done in cash or paper cheques can now be done digitally. ![]()
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