Deltek’s existing EFT process produces a bank file in the NACHA format. Unfortunately, this format is not accepted “as is” by Canadian financial institutions. Due to the difference in structure for account numbers in the US versus Canada, the bank record is redefined for use in Canadian EFT processing to accommodate larger account numbers and bank codes. AMR’s Canadian EFT Tool conveniently converts the NACHA file to the structure as defined in the “Canadian Payments Association, Standard 005 Standards for the Exchange of Financial Data on EFT Files” – a widely accepted format.
There is no difference in preparing EFT files from the standard Vision & Vantagepoint process. Both the Vendor and Employee expense items follow the documented instructions, including the creation of EFT remittances in hard copy or by email. Once the NACHA file has been prepared, there are two additional “buttons” available in a custom security-enabled Info Center, which allow for the reformatting of the file to meet Canadian standards. The new file is then transmitted to the bank as usual and a summary report is produced. AMR’s Canadian EFT Tool is an efficient and convenient tool that many Vision-users across Canada have been leveraging for years. Decrease the time spent manually processing expense payments at your firm.