Electronic Data Interchange
Electronic Data Interchange (EDI) is the mutual exchange of routine business information between businesses using standardized, machine-readable formats. These formats enable trading partners to communicate with each other using an electronic medium. Being electronic and standardized enables the information to be processed by computers without human intervention.
Financial EDI (FEDI) is a combination of an ACH payment and its supporting electronic information.
Applications that may be affecting your company in the very near future are: State Tax Payments, Federal Tax Payments, Vendor Express, Child Support Payments and Healthcare Payments.
Bank of Albuquerque is dramatically
expanding it's existing EDI/FEDI capabilities with the intention of becoming your full-service provider.
Consolidated, easy-to-read statements are created to provide your company with complete information about your transactions. This information is also available through NetConnect Current Day ACH/EDI Reporting.
Benefits
This method of payment processing represents significant savings to participating companies by:
- Reducing paper and labor costs.
- Allowing for better control over the timing of payments and inventory.
- Faster response and access to customer information.
- Strengthens buyer-seller relationships.
- Maintains data integrity by keeping payment and remittance information together.
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