What is it?
An Electronic Funds Transfer (EFT) is the electronic transfer of money from one account to another, either within a single financial institution or across multiple institutions. Outside of Canada, EFT is referred to as ACH (Automated Clearing House).
Why is it important?
A number of EFT systems are used at Carleton. They aid in faster, more accurate processing by reducing duplicate data entry and through the ability to process large volumes of data in a short time frame. Examples include:
- payroll and reimbursements to employees are done via direct deposit
- direct deposit is offered to our suppliers through Accounts Payable
- most students pay their tuition either through the electronic bill payment system offered by Canadian banks or electronically through our partnership with Western Union Global Solutions.