Automated Funds Transfer (AFT)
Automated Funds Transfer (AFT) service is a quick and cost-effective way for member businesses, churches, and non-profit organizations to process receivables, donations, and payroll transactions electronically.
Already a PaymentStream™ AFT user?
Payables and Receivables
- Reduces much of the time, effort, and expense often associated with initiating payables and collection of receivables
- Improves customer service by making it easier for your customers to make their payments on time
Donations
- Offers a convenient, efficient, and reliable way for member organizations to receive regular donations or pledged contributions
- Increases reliability and timeliness of donation and pledge receipts, enabling organizations to plan and budget more accurately
- Eliminates the need for donors to write cheques and to complete offering/donation envelopes
Direct Payroll Deposits
- Eliminates the need for member businesses or organizations to print and distribute paycheques to employees
- While the AFT service is not a complete payroll service, it enables timely and efficient payroll deposits to employee accounts
How does the AFT service work?
- The member (business, church or organization) gathers account information and signed approval from the payor or payee (payors/payees do not need to be Kindred members)
- The member creates transactions or an AFT file using either Central 1’s PaymentStream™ AFT application or another software with the payor/payee account and payment information in the specified format
- The member initiates each transaction by sending the information to Central 1’s PaymentStream™ AFT application prior to the specified due date
- Central 1 sends the transactions to the National System for processing—payor/payee bank or credit union accounts are then credited/debited electronically
