Automated funds transfer

Move money quickly and easily with no paper and no hassle

Simplify your banking—keep expenditures on track

Take the guesswork out of your recurring payments. Instead of writing cheques or manually moving money between accounts, automate your transactions on a schedule that suits your needs. PaymentStream^TM automated funds transfer (AFT) is a fast, secure and affordable way to simplify your banking operations.

With fewer delays and errors, you get more control, more time and more peace of mind.

Benefits of automated funds transfer

Efficiency

Make sure you never miss an important transaction. Automated transfers mean no more manual processes like writing and mailing cheques, saving you time and hassle. Just set the amount, frequency and destination, and the system takes care of the rest.

Precision

With AFT, you keep control of your cash flow and financial planning. Align payments with your income schedule, making sure funds are available when needed. Reduce the risk of errors and missed payments, so you send the right amount, on the right day.

Enhanced security

Security features like two-step authentication and mandatory forced approval ensure your accounts and your data are protected.

Cost savings

Paying your team using simple funds transfers can offer cost savings compared to more traditional payment methods. With this method, you’ll save money on postage, paper cheques, time and administration costs.

Explore managed investing

It’s about time for a convenient way to automate your accounts payable (AP) and accounts receivable (AR). Get started with your payroll, supplier payments, strata payments or even investments into your business growth. Free up your valuable time and energy so you can focus on growing your business, not handling cheques.

Send same-day AFT credits
Release AFT transactions up to 14 calendars days in advance
Send transfers in Canadian or U.S. dollars as long as the recipient’s account is held at a Canadian financial institution
Security features include 2-Step authentication
AFT reports downloadable in CSV and PDF formats
Retention history of up to 18 months

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With PaymentStream™ AFT you can automate:

Direct deposits for your staff
Payments to suppliers
Payments from customers
Sending and receiving subscription and membership fees
Collecting donations as a charity or not-for-profit organization

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Ready to set up automated funds transfer?

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Automated funds transfer FAQ

What is automated funds transfer?

Automated funds transfer, often called payment automation or AFT, is a service that lets you automate recurring transfers like payroll direct deposits or regular supplier payments between your accounts or to external accounts. You can set up transfers based on the timing and frequency you need. Once set up, the transfers happen automatically without manual oversight.

What is direct deposit?

Direct deposit is a convenient, secure way to pay your employees and vendors by transferring funds directly from your business’s bank account to theirs. A great alternative to paper cheques, direct deposit helps make payments simple and secure.

Can I use AFT for our payroll direct deposit?

Automated funds transfer is an ideal tool for setting up direct deposit for your payroll. You can schedule payments to your employees’ accounts on dates and times that fit with your business’s cash flow needs, and make sure your team is paid accurately and on time.

Can I set up alerts so I’m notified when payments are processed?

Yes! Alerts or notifications help you monitor financial transactions and flag any unexpected transfers. It can be a great tool to boost your security and your peace of mind.

You can customize alerts, setting the conditions that trigger an alert, like transaction amount thresholds or recipient information. You can also decide how you want to receive the alerts (e.g. text, email, app notifications, etc.).

What is 2-Step authentication?

2-Step authentication is a security feature when you’re using PaymentStream^TM AFT. 2-Step Security confirms your identity by verifying two things: (1) something you know, like a username and password, and (2) something you have on your smartphone, like a text or email verification code. This security feature helps protect your sensitive financial transactions and ensure your financial information stays safe.

What is the difference between AFT and EFT?

Both automated funds transfer (AFT) and electronic funds transfer (EFT) involve transferring money electronically from one account to another. The main difference is that AFT refers mainly to recurring transfers that are scheduled in advance and automated, while EFT is a broader term that includes many electronic financial transactions including one-time payments, online banking transfers, wire transfers and more.