CAFT stands for Customer Automated Funds Transfer. CAFT provides a method for customers to create and deliver AFT payment transactions to employee/member accounts at credit unions and financial institutions in Canada. AFT payment transactions are pre-authorized electronic payment transactions.
CAFT works for debiting or crediting customers/employees. This service is designed for anyone who issues a lot of cheques, small to medium sized businesses, service clubs, municipal government and charitable organizations, just to name a few.
CAFT transactions for payroll can be created two ways. The first is having the member upload their payroll file directly on the website which would then generate all the transactions automatically. The second is manual process by which the banking information of the person who is receiving the credit is input directly onto the CAFT website, and from there the transactions can be manually sent or automatically be picked up. Not all software programs are compatible with CAFT and a file from your software would have to be tested.
For more information including fees for this service please call your branch.
Esterhazy (p) 306.745.6615 Stockholm (p) 306.793.2171 Toll Free (p) 1.866.533.6828