PaymentStream™ AFT
PaymentStream™ AFT (Automated Funds Transfer)
PaymentStream AFT is a new and improved replacement product for CAFT (Customer Automated Funds Transfer). It facilitates processing and settlement of pre-authorized debits and direct deposit transactions. This new service has a streamlined interface and more effective limits and controls.
PaymentStream AFT enhancements include:
- Enhanced originator ID limits to assist with risk mitigation
- Real-time file validation during file upload and release process
- For File Upload and Manual Release email confirmations sent only when a file is validated successfully. Automatic release will still get email confirmation if a transmission rejects.
- Added risk controls for dual authorization
- Added risk threshold controls
- Canadian or U.S. dollar transactions can be originated as long as the recipient’s account is held at a Canadian financial institution
- Ability for individual record release
- Ability to release AFT transactions up to 14 calendars days in advance
- Ability to download AFT product reports in CSV and PDF formats
- Retention history for up to 18 months
The new system will have the following limits:
- Transaction Debit and/or Credit Limit – highest amount of any single transaction
- Settlement Day Debit and/or Credit Limit – total combined amount of all transactions settled on a given day
- Monthly Debit and/or Credit Limit – total combined amount of all transactions processed per calendar month
PaymentStream AFT introduces 2-Step Security. 2-Step Security is a method of authenticating a user by confirming two factors of authentication: a username and password and a physical Hard Token or Soft Token on a smart phone. The token is required to access the new PaymentStream AFT application.
Soft Token is installed on user’s trusted device, Smartphone, tablet or iPad. The device must have an authenticator app installed for the security process to work. We recommend Google Authenticator app. Hard Token is a physical device that can obtained from Sydney Credit Union. Users can choose either soft or hard tokens.
As an additional security feature, PaymentStream AFT introduces forced mandatory approval. For organizations with a combined monthly limit set to $1 million dollars or more, second approval is mandatory. For combined monthly limits of less than $ 1 million, second approval can still be set up, on request, as an additional security measure.
