Financial EDI Services
When you need to exchange financial information within your business-to-business ecosystem, Effective Data can offer a modern solution for securely sharing information. We are Electronic Data Interchange consulting and integration specialists dedicated to developing financial EDI solutions that improve the customer experience and business agility.
With our EDI and financial tools, many of the processes are automated. Organizations can electronically receive an invoice and initiate a payment. For major companies, that saves time, paper, and money for both the buyer and the seller. Additional benefits of our EDI solutions include:
- Improve efficiency
- Enhance the accuracy of exchanged data
- Easily manage activity
- Reduce manual data entry
- Integrate with any ERP, MRP or application
With assistance from Effective Data, you can connect with all partners and consolidate business-critical information into a single place.
Financial institutions that leverage data, advanced analytics, and new technologies to improve the customer experience can build loyalty that's vital for future success.
Effective Data has EDI solutions tailored specifically for financial clients. Our products and services make it easy and affordable to collaborate with business partners, transfer data, and integrate internal business processes.
Financial EDI Documents & Transactions
Businesses in the financial industry must communicate regularly with an array of partners, from customers to governmental regulators. Optimize these tedious and error-prone processes with automated communication from Effective Data.
We support all major EDI communications methods and have extensive knowledge of industry trends and requirements. When partnering with us, EDI documents are readily available, easy to process, and hassle-free to manage. Common EDI transactions that financial industry uses daily include:
- EDI 139: Student Loan Guarantee Result - An EDI 139 is used by guarantors to notify the lending party of the status of a student loan guarantee.
- EDI 144: Student Loan Transfer and Status Verification - An EDI 144 provides notification about the ownership transfer and verification status of a student loan.
- EDI 154: Secured Interest Filing - The EDI 154 can be used to file Uniform Commercial Code (UCC) financing statement forms, liens, judgments, and other secure statements as well as exchange secured interest filing information.
- EDI 812: Debit/Credit Adjustment - The EDI 812 is a debit/credit adjustment business document that securely communicates costs between businesses for goods or services.
- EDI 820: Payment Order/Remittance Advice - The EDI 820 transfers payment data between businesses or to confirm payment details and advise the seller of any adjustments to the payment amount.
- EDI 821: Financial Information Reporting - An EDI 821 is used to report balances, detail and summary financial transactions along with any other information pertaining to financial accounts.
- EDI 823: Lockbox - An EDI 823 is used to transmit incoming payments (lockbox) information from a bank or other lockbox service providers to a company.
- EDI 827: Financial Return Notice - The EDI 827 is used to notify the originator about the inability to process or modify the original payment order.
- EDI 828: Debit Authorization - EDI 828 helps to transmit information by a paying entity to a financial institute regarding debit transactions, which are authorized by the paying entity against its account.
- EDI 829: Payment Cancellation - An EDI 829 can cancel a previously transmitted electronic payment between an originating company and its originating financial institutions prior to funds being released.
In ever-changing economies, it’s hard to succeed without connecting all internal business-critical applications and systems for real-time data sharing and process automation. At Effective Data, we have the expertise needed to implement innovative financial sector integration solutions. If you want to learn more, give out team a call.
We owe a debt of gratitude to Effective Data. They took a last-minute call before the weekend and a few days later, our EDI software was upgraded and ready for our go-live date. They were knowledgeable, thorough and timely. Effective Data will get our business from now on. T.D., EDI Coordinator, Leading National Pharmaceutical Supplier