Payment Services

TD Securities offers customers a full range of payment alternatives. We will help you to manage your cash more effectively. Make payments fast and reliably from the convenience of any Internet connection.

Our services

Cheque Reconciliation Service

Cheque Reconciliation Service (CRS) is TD Securities’ high volume cheque reconciliation service for both CDN$ and US$ accounts. CRS can minimize the clerical effort you spend on reconciling your cheques, improve accuracy, and help to guard your business against cheque fraud. TD Securites’ CRS service is one of the most efficient, accurate and flexible cheque reconciliation systems available. CRS has a number of optional features that can assist in your cheque reconciliation and reporting needs.

Benefits:

  • Helps to reduce losses due to cheque fraud by use of Positive Pay, Negative Pay or Positive Pay with Payee Match options
  • Saves time by eliminating the tasks of sorting cheques, matching paid cheques to the cheque register and bank statement and, filing/retrieving of cheques
  • Reduces errors through automation
  • Simplifies bookkeeping by providing comprehensive information on current chequing activity
  • Eliminates the need for multiple bank accounts by using disbursement categories
  • Flexible period ends dated to coincide with your accounting period saves you time
  • Input and output options provide a fast and flexible means of communicating cheque information between your company and TD Securities

Core Features:

  • A dedicated service team to work with you in bringing your account on line as quickly as possible
  • Help Desk Support
  • Customer inquiries (including lodging of stop payments), can be handled by your assigned team of specialists, or you can choose the optional feature of our on-line services
  • Positive Pay - an effective tool available to help prevent cheque fraud by detecting raised dollar amounts, counterfeit and duplicate cheques. Positive Pay requires that you send a transmission to TD Securities containing details of cheques about to be issued. We will notify you daily of any unmatched cheques. Notify the Bank by 2:00PM the same day of your Pay - No Pay decision
  • Positive Pay with Payee Match - the MOST effective tool to protect your business against cheque fraud. As an add on service to Positive Pay, not only will Positive Pay with Payee Match detect raised dollar amounts, counterfeit and duplicate cheques, the service will also detect altered payee names on cheques. We will notify you daily of any payee discrepancies. You will notify us of your Pay - No Pay decision by 2:00PM the same day
  • Negative Pay - an alternative to Positive Pay; is also designed to help protect your company against frauds and forgeries. By 9:00AM daily we will provide you with an electronic file listing all cheques paid on your CRS accounts from the previous day. You match these cheques against your issued file and notify us by 2:00PM on the same day of any cheques to be returned
  • Your choice of a fixed, weekly, bi-weekly, semi-monthly, monthly, or variable reconciliation schedules. Reports are available at your TD Canada Trust or TD Commercial Branch within seven business days of period end
  • Reconciliations are balanced to your CRS Dedicated CDN$ or US$ CDA Account bank statement(s). Only CRS items will be posted to the account to ensure accuracy
  • Input/Output File Options are in a standard 80-Byte format. Transmission can be by way of Web Business Banking File Transfer (our PC gateway to electronic Banking), mainframe, or our PC Entry Program. Alternative formats are available upon request
  • Inbound transmissions are acknowledged in the same medium as the file you sent the Bank
  • Standard input option allows you to include a reference number and/or payee
  • Up to 10 Digit Serial Numbers
  • Ten different informative reports to choose from

Optional Service Features:

  • Serial Numbers: you have a choice of serial number length (min. 6 digits max. 10 digits which can be used to establish disbursement categories
  • CRS On-Line Inquiry: through Business Windows On-Line Services you can inquire on the status of any record in your file (90 days paid history)
  • On-Line Stops: through Business Windows On-Line Services you can lodge a stop payment for any cheque drawn on your account (one year history). The stop is effective immediately
  • On-Line Create/Cancel: through Business Windows On-Line Services you can create or cancel an issue record
  • CD-ROM cheque image: a powerful tool to help you respond to customer inquiries
  • Cheque Safekeeping: the Bank will store your cheques for 7 years
  • CDN$ or US$ Non dedicated account for processing of non-CRS entries
  • Payee/Reference Input: you can include payee or reference number information in your input file
  • Transmission Acknowledgement: we offer an acknowledgement of every transmission received indicating whether the file was accepted or rejected (with a reason)
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Payments and Transfers Service - Web Business Banking

Save time with payments & transfer service. Payments and Transfers Service enables you to make bill payments, place stop payments and transfer funds between your TD Canada Trust business deposit accounts of the same currency online.

Features:

  • Make bill payments to over 4,000 merchants from your Canadian dollar TD Canada Trust business deposit account
  • Choose from Full Access (self-registration of payees online) or Restricted Access (we add payees on your behalf for added level of security and control)
  • Process multiple payments in one request, set up recurring payments, and post-date your bill payments for up to 1 year for worry free automatic payment
  • Place stop payments on cheques and pre-authorized payments drawn on your Canadian and U.S. dollar TD Canada Trust business deposit account(s)
  • Transfer funds between Canadian or U.S. dollar business deposit accounts of the same currency
  • Authorize or authenticate transfers for additional security
  • Report on transfers and transfer reversals using our standard reports
  • Query and export your transfer details to other software applications

Benefits:

  • Save time by transferring funds, making bill payments or lodging stop payments directly through the Internet and your PC
  • Flexible and easy-to-use
  • Reduce the need for phone calls/visits to your branch
  • Allows your company to access these services in a secure online environment
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Payment Disbursement Services

EDI at TD Bank – Electronic Data Interchange

Payment Disbursement Services enables the migration of payments to an electronic process and provides a choice of payment options and information delivery methods tailored to each company’s business needs (in either Canadian or U.S. dollars).

Payment Outsourcing Option:

Features

  • Automates the creation of the cheque issue file
  • Automates the disbursement of payments through a single process that accommodates Electronic Funds Transfer, EDI, US ACH payments, Wires and/or Cheques
  • Accepts one payables file, supporting multiple payment types in a single file format
  • Delivers remittance information by fax, email, EDI or mailed advice in either English or French
  • Supports multiple paying divisions and legal entities within a corporate group
  • Allows for the submission of Canadian and U.S. payments with various due dates (payments can be postdated for up to 35 days, wire payments up to 45 days)
  • Enables printing and mailing of cheque payments same day or up to nine days in advance of the settlement date
  • Provides file acknowledgments electronically in an EDI format, via fax or email
  • Accommodates the transfer of files through a wide variety of communication options

Payment Origination Option:

Benefits

  • Increases control of payment timing and accurate cash flow forecasting
  • Increases security to help to reduce the risk of fraud
  • Improves efficiencies through streamlining of payment processes
  • Reduces clerical work and error through implementation of automated processes
  • Provides a choice of payment options and information delivery methods
  • Eliminates the need to create a cheque issue file in isolation and satisfies Positive Pay and Payee Match requirements (where applicable)
  • Reduces or eliminates the cost associated with cheque production, delivery and reconciliation (where applicable)
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Electronic Funds Transfer (EFT) - Credits

Electronic Funds Transfer (EFT) is an electronic payment distribution service that saves you time and expense in making payments (credits). This service enables you to distribute funds to any individual or business account at any financial institution in Canada, quickly, automatically, electronically and economically.

Features to your company:

  • a direct file transmission can be sent to TD via mainframe or PC directly
  • the EFT service is available through Web Business Banking providing improved disbursement capabilities
  • the system accepts recurring payments in varied amounts with various due dates
  • an electronic File Processing report is available with the processing results including any rejected payments
  • details regarding returned items (i.e. account closed) can be sent to your Mainframe or PC and can be quickly printed or downloaded for further analysis
  • reports are provided on all items accepted for payment, as well as on those items which cannot be processed, to complement your own internal reporting procedures. Reports can be provided electronically, via fax, or through your branch

How EFT benefits your company:

  • eliminates the cost associated with cheque production and reconciliation
  • reduces postage and/or distribution expenses
  • reduces bank service charges
  • decreases staff time spent on administration
  • increases accuracy through electronic banking
  • increases security by reducing the chances of theft
  • enhances cash flow forecasting
  • Web Business Banking - EFT Service

Features to payment recipient:

  • payments can be directed into any number of accounts at any financial institution in Canada for each recipient

How EFT benefits payment recipients:

  • enables your payees to enjoy the convenience of having deposits made directly to the account of their choice
  • eliminates the time and cost involved in cheque depositing
  • provides consistent availability of funds, even during vacation, illness or business trips
  • eliminates lost or stolen cheques

EFT Solution:

  • obtain authorization to credit your customers’ accounts located anywhere in Canada
  • send TD your payments through Web Business Banking
  • TD credits your customers’ accounts the morning of due date
  • TD debits your company account for the total dollar amount on due date
  • your customers are notified of the credit on their next bank account statement
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Large Value Transfer System (LVTS)

LVTS is Canada’s electronic settlement system designed to facilitate same day settlement of Canadian dollar wire payments.

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Rapid Recognition Chequing

Recognition UDD Chequing

Account Rapid Recognition is designed for business customers issuing cheques destined for the United States. Rapid Recognition facilitates the clearing of cheques drawn on your U.S. dollar business account (at a Canadian TD branch) through the U.S. Federal Reserve Cheque Clearing System. This allows expedient, trouble-free cheque payments to your U.S. suppliers.

What you can do with Rapid Recognition:

  • your company maintains a US$ current account at a Canadian TD branch
  • you use specially encoded Rapid Recognition cheques to pay your suppliers
  • Rapid Recognition cheques clear through TD New York Branch

How you benefit from using Rapid Recognition:

  • U.S. suppliers can obtain easier settlement, quicker access to funds and the elimination of collection charges
  • Rapid Recognition cheques are more easily accepted by companies in the United States
  • your company maintains normal practice of cheque issue for supplier payments
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Tax Payment and Filing Service

The Tax Payment and Filing Service enables customers to pay and file Federal and Provincial business taxes via the Internet. This service was designed to benefit all business customers who require a simpler and faster way to pay business taxes.

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Wire Payments - Web Business Banking

Send wire payments to virtually anywhere in the world

Enables your company to send wire payments to virtually anywhere in the world directly from a personal home or office computer. Access to wire payments is through our Internet-based Web Business Banking, a one-stop electronic gateway to business services.

Features:

  • Easy access to wire payments directly from your PC via Web Business Banking Internet-based application
  • Multi-user access
  • Flexible security options to restrict access to payment functions and meet your specific internal needs
  • Encryption of payment files, for added security while transmitting payments
  • Uses web browser technology with 128-bit encryption
  • Ability to query payments details
  • Ability to print out hard copy reports of individual payment types
  • Ability to establish payment templates to ensure that only pre-selected beneficiaries receive wire payments
  • Ability to import a flat file from other applications into the Wire Payments Service
  • Provides easy-to-use online help
  • Technical Support available Monday to Friday, 8 a.m. to 8 p.m. (ET), except on bank holidays

Benefits:

  • Save time by reducing the need for phone calls to your branch
  • Enjoy the convenience of executing payments from anywhere you have Internet access
  • Work securely by authorizing and releasing payments using Authentication and encryption technology combined with other levels of security
  • Send payments across the country and virtually anywhere in the world with ease
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July 26, 2014