Modern Treasury has now added support for RBC Commercial Banking customers. The Royal Bank of Canada (RBC) is Canada’s largest bank and the first bank Modern Treasury has added support for outside the US. Utilizing RBC's ACH Direct Payments & Deposits product, Modern Treasury is able to support the origination of EFT credits and debits, with wire transfers soon to follow.
Canada’s Electronic Funds Transfer (EFT) payments are a new payment type now available within Modern Treasury. In order to support EFT payments, Modern Treasury has made a few additions to the Create Payment Order endpoint, including the addition of the `eft` payment type and a `purpose` field corresponding to the 3-digit CPA code that will be attached to the payment. The CPA code helps identify the purpose of a payment, and must be included on every EFT transaction.
For customers who have EFT payments enabled, initiating a new payment is as simple as sending the following payload:
"originating_account_id": "<Internal Account ID>",
"receiving_account_id": "<External Account ID>"
Returns work similarly for EFT as they do for ACH and will alert you when EFT payments are rejected for any reason.
Modern Treasury is excited to welcome our first Canada-based customers. To learn more, please see our API docs or reach out to us.