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With PFW Direct Payroll Deposit configured in the PFW business system — and the help of your bank — payroll-licensed PFW system users can electronically transmit payroll information to your bank.
PFW Direct Payroll Deposit allows you to perform real-time transmissions to banks, which results in immediate payroll processing — with the advantage that discrepancies can be corrected prior to payday. Electronic deposits mean avoiding long bank lineups to process payroll — or cash paychecks. As well, with PFW Direct Payroll Deposit, your employees receive their paychecks on-time, every time. All of these benefits are available without having to follow complicated procedures: simply perform your standard payroll procedure and then select the appropriate bank from the drop-down menu.
To date, direct-deposit communications have been established on behalf of PFW customers with several ACH (Automated Clearing House) -based US financial institutions and the following: The Royal Bank, CIBC, The National Bank of Canada, TD Canada Trust, The Bank of Montreal, and the Bank of Hong Kong. For those without an ACH approved bank, or those not affiliated with any of the above mentioned banks, PFW can develop the necessary software to allow you to take advantage of direct payroll deposit.
The following steps must be taken before PFW Direct Payroll Deposit can be implemented: