A convenient way to automate payments
Save time, money and resources with AFT
Regulated by the Canadian Payments Association, Automated Funds Transfer (AFT) is a convenient and cost-effective way to deliver or receive payments to and from accounts held at various fi nancial institutions. Secure, efficient and economical, AFT virtually eliminates the need to exchange paper cheques, and is sure to meet the needs of your growing business.
Is AFT right for my business?
Whether you need to pay employees and suppliers, or collect payments from your customers, AFT will accommodate all types of businesses such as, payroll processors; property management, leasing and rental companies; fitness centres and gyms; manufacturers, retailers, charities, insurance companies — the list is endless.
How do I use AFT?
Automated Funds Transfer is accessible through a secure, user-friendly web based application called Customer Automated Funds Transfer (CAFT).
Once proper authorization to send or receive funds has been obtained, you can input and store customer AFT information in the CAFT database for one-time or recurring transactions. Alternatively, you may also use off-the-shelf commercial or proprietary accounting software to upload a transaction list file to the CAFT server, provided the file meets the CPA Standard 005. The CAFT application also provides the ability to generate and download transaction reports.
No more 'the cheque is in the mail' speech or forgetting to bill clients. The unique CAFT application allows for a 'set it and forget it' scenario, where you can future-date a single transaction and have the system complete the process automatically. For recurring payments or billing, the system provides a variety of frequency schedules, including, but not limited to:
- Weekly
- Monthly
- Bi-weekly
- Bi-Monthly
- Annually
- Semi-Annually
How secure is the CAFT web application?
In addition to a user name and password, a number of precautions have been taken to protect your online transactions and ensure that your confidential information is safe when using CAFT. The CAFT web application enforces some of the best security practices in the industry, protecting financial information that is stored or transmitted.
Whether you’re operating a small business with basic payment needs, or a medium-to-large sized enterprise that has multiple employees, suppliers and customers with more complex payment requirements, AFT is the ideal solution to help you streamline your business processes.
Talk to a branch representative today about how you can sign up with the Automated Funds Transfer system.
Flexibility and Control
Send payments to suppliers or collect payments from your customers on a recurring basis, and manage your own payment database.
Reduced Operating Costs
Reduce or eliminate the time and cost associated with cheque clearing and production, delivery and reconciliation.
Improved Security
Reduce the chance of stolen, lost or forged cheques.
