EFT

COUNTERPARTIES

Payments Canada

FLOW

1. Initiation: A business or individual triggers a transaction through online banking, mobile apps or point-of-sale terminals.

2. Authorization: Multifactor authentication secures the transaction through passwords, PINs or biometric verification.

3. Transmission: Secure networks route payment data between financial institutions via established channels like ACH or SWIFT.

4. Processing: Banks verify the transaction details and available funds.

5. Settlement: Funds move between accounts based on the chosen transfer method.

6. Confirmation: Systems generate unique transaction IDs or reference numbers for record-keeping and provide confirmation to the parties involved.