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Originate and settle financial transactions via direct computer to computer data exchange.
Financial EDI is the electronic exchange of payments and payment related information in standard formats between business trading partners. This process utilizes the Automated Clearing House (ACH) network between buyers, sellers and financial institutions, simplifying and accelerating the exchange of payments.
The Advantages
Lower Costs: Financial EDI saves labor costs associated with processing invoices and payments by replacing many manual accounting tasks. Additionally, moving to electronic payments can reduce the expenses linked to paper check processing.
Fewer Errors: By reducing data entry, fewer errors are made, increasing reliability.
Protection of Market Share: The ability of a seller to transact business electronically provides benefits to their buyers’ order entry, purchasing and payables functions. After an FEDI relationship is established between a buyer and a seller, it could become a major factor in maintaining and growing the relationship.
How it Works
Cash Concentration or Disbursements (CCD): The CCD payment format is the only format that does not allow addenda records. Because remittance data is not transmitted with the payment, you will need to use an additional method to transmit remittance information.
Cash Concentration or Disbursment Plus Addenda (CCD+): The CCD+ format is identical to the CCD format with the addition of one addenda record. Part of the addenda record contains a payment related information field of 80 characters in which data segments can be used.
Corporate Trade Exchange (CTX): The CTX format will allow you to transmit one payment to cover multiple invoices and associated remittance information. The CTX format allows up to 9,999 addenda records.
Contact a Cash Manager
Return to Information Reporting Business Express
Bank-On-It
Treasury Connection
Financial Electronic Data Interchange
Account Reconciliation Services
Account Analysis
Check Imaging Service
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