What is EFT?

EFT, which stands for Electronic Fund Transfer, is a popular method of transferring money in Canada.

An EFT is defined as an electronic exchange or transfer of money from one bank account to another, either within a single financial institution or across multiple institutions, through computer-based systems.

Plastiq Connect supports Payments disbursed via EFT to Recipients in Canada.

EFT as a Receiving Method

EFT-funded Recipients can be generated by assigning EFT as the type of receivingMethod. This lets Plastiq know that the transactions to these Recipients should be fulfilled via electronic Payment rails in Canada.

Although EFT is a Canadian Payment rail, from a technology usability standpoint, it works almost identically as US Payments rails, such as ACH and Wire.

Canadian EFT routing numbers should be in the format: 0IIIBBBBB where III is the financial institution number and BBBBB is the transit (branch) number

Using the receivingMethod Property

Property

Type

Validation

Example

type

string

Enum [ "EFT" ]

"EFT"

accountNumber

string

Alphanumeric

"2335135919"

routingNumber

string

Numeric, 9 length, Format: 0IIIBBBBB

"011401532"

beneficiaryName

string

Alphanumeric, 1 - 35 length

"Philz Coffee"


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