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
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:
III is the financial institution number and
BBBBB is the transit (branch) number
|string||Enum [ "EFT" ]||"EFT"|
|string||Numeric, 9 length, Format: ||"011401532"|
|string||Alphanumeric, 1 - 35 length||"Philz Coffee"|
Updated over 1 year ago