Automated Funds Transfer
Are you looking at streamlining your business payment processes?
Pre-authorized debits and direct deposit transactions speed along quickly with increased accuracy and fewer delinquencies with Automated Funds Transfer (AFT).
Initiate Direct Deposits:
- Payroll
- Accounts Payable Items
Collect Payments:
- Loans/Mortgages
- Accounts Receivable
- Strata/Condo Fees
- Donations/Pledges
- Utility Bills
- Business/Property Taxes
How does it work?
The AFT service resides on one centralized database and is integrated into the PaymentStream™ platform to unify and standardize AFT processes and scheduling and provide universal support.
With self-serve PaymentStream™ Automated Funds Transfer (AFT), you'll have:
Speed
- The ability to send (originate) same-day AFT credits. You'll get your money quickly and reduce delinquencies.
Security
- Enhanced originator ID limits help mitigate risk.
- Dual Authorization for added risk mitigation
Convenience
- You can release AFT transactions up to 14 calendar days in advance.
- Avoid printing or receiving cheques by automatically transferring funds from one account to another. It's efficient, affordable, and will improve your accuracy.
- The ability to download AFT product reports in CSV and PDF formats.
- Increased record retention - up to 18 months of history.
- You'll get real-time file validation during the file upload and release process.
- Email confirmations for File Upload and Manual Release only when a file is validated successfully – fewer emails!
Note: You can originate U.S. dollar transactions if the recipient's account is at a Canadian financial institution.
You'll require 2-Step Security to access PaymentStream™ AFT which includes:
- A username and password and
- a Soft Token on a smartphone for instant access. (Hard tokens are available at a cost.)
Have questions or need more information, email us at PSAFT@sunrisecu.mb.ca.