The preferred method of receiving funds from third parties is via electronic receipt. Third-parties paying the University of Iowa can send electronic payment in two ways: Wire Transfer or ACH (Automated Clearing House). Third-parties may also refer to electronic payments as an EFT (electronic fund transfer).
Treasury Operations can provide University bank information to receive payment via ACH or Wire Transfer.
Details regarding the electronic payments process and how Treasury Operations posts these payments to the GL. Also, directions on how to initiate a payment research request with Treasury Operations.
Electronic payments that cannot be assigned to a department by Treasury Operations are placed into a central holding account MFK.
Person-to-Person Payment Applications
The use of Person-to-Person payment applications (such as Venmo) is not approved. Individuals should not accept payment for University of Iowa goods and services to personal bank accounts or virtual payment accounts.