Introduction to EFT (Electronic Transfer Payment)/PAP (Pre-Authorized Payment)

The EFT(Electronic Transfer Payment) or (PAP) Pre-Authorized Payment is an arrangement between a customer, bank and an external account holder. The payer’s account can either be at the bank or any other financial institution. The payments are processed automatically at regular interval.

The aims of the EFT/PAP functionality are the following:

• The pre-authorized payments are electronic payment arrangements between a CAMB customer and an external account holder. The payer’s account may reside at another financial institution or with CAMB. The PAPs are processed automatically through the clearing processes for a particular amount at regular intervals.
• The PAP files will be generated on all weekdays including statutory holidays before going into (COB).
• If the process is run on Saturday and Sunday system will generate an error statement 'No PAP file created today' and the process will be terminated.
• Three files will be generated each weekday and will be manually uploaded to Central 1, a parameterized number of days in advance of the data the PAP is scheduled to occur (currently 3 as noted above). This lead time is given to Central 1 to ensure that PAPs are executed on time. The three files in that are produced are listed below:
  • ZEFT1.DAT - debit external account and credit Temenos Transact account.
  • ZEFT2.DAT - debit Temenos Transact account and credit external account.
  • ZEFT3.DAT - debit Temenos Transact account and credit external account for RRIF (Registered Retirement Income Fund).
• There are 3 summary files that are verified manually by the operators to see that the aggregate total of all 3 PAP files have totals of or exceeding 6 million dollars. If the total of all PAP transactions is over six million dollars, the payment operations is to be contacted to have two persons sign and approve the PAP file. Even if the amount in aggregate is more than 6 million dollars, the files are still uploaded in Central 1 and an approval is obtained from the investment operations department the next day.