Financial EDI Services
Financial EDI offers error-free automation of the necessary information exchange between businesses. The use of financial EDI transactions streamlines processes across the Financial Industry by eliminating the need for manual entry of data to process transactions. Effective Data can offer a modern solution for securely sharing information when you need to exchange financial information within your business-to-business ecosystem. We are Electronic Data Interchange consulting and integration specialists dedicated to developing financial EDI solutions that improve the customer experience and business agility.
What is Financial EDI?
Financial electronic data interchange is a payment data exchange that transfers financial data electronically in a secure, machine-readable format. Businesses have a wide range of uses for financial EDI, such as transmitting payments between financial institutions, making debit/credit adjustments, or submitting payment orders and cancellations.
At Effective Data, we provide a reliable, secure, and error-free way to exchange financial data with our financial EDI solutions. Contact us today to learn more!
With our EDI and financial tools, many of the processes are automated. Organizations can electronically receive an invoice and initiate a payment. That saves time, paper, and money for both the buyer and the seller for major companies. Additional benefits of our EDI solutions include:
- Reduce manual data entry
- Standardized, automated process
- Enhance the accuracy of exchanged data
- Improve efficiency & productivity
- Easily manage activities with a user-friendly portal
- Integrates with any ERP, MRP, or other application
- Peace of mind that your information is secure
With assistance from Effective Data, you can connect with all partners and consolidate business-critical information into a single place.
EDI Financial Documents & Transactions
Businesses in the financial industry must communicate regularly with various partners, from customers to governmental regulators. Optimize these tedious and error-prone processes with automated communication from Effective Data.
We support all primary 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. Typical EDI transactions that the financial industry uses daily include:
- EDI 139: Student Loan Guarantee Result
- EDI 144: Student Loan Transfer and Status Verification
- EDI 154: Secured Interest Filing
- EDI 812: Credit/Debit 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 is used to transfer 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 – This EDI transaction is used to establish the data content of report balances, detailed financial transactions, and more.
- EDI 823: Lockbox – The Lockbox document is typically used by financial institutions and includes payment information, allowing business partners to streamline the payments process.
- EDI 827: Financial Return Notice – A financial institution sends this transaction document as a response to an 820 Payment Order/Remittance Advice that cannot be processed.
- EDI 828: Debit Authorization – This EDI transaction set provides information to the financial institution from the paying entity. The data is then verified against incoming debits to determine authorization.
- EDI 829: Payment Cancellations –A payee sends the EDI 829 document to the financial institution to cancel a payment that has been scheduled but has not yet been executed.
Financial EDI Solutions
Financial institutions that leverage data, advanced analytics, and new technologies to improve the customer experience can build loyalty 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. Below are a few types of our EDI services and integration offerings:
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. Effective Data offers top-tier EDI banking solutions, helping businesses communicate effectively with various partners and allowing error-free streamlined data transfers. Our team of experts will assist you in finding the ideal fit for your banking needs.
“I like to have a good collaborative environment where people are willing to work together, where people are willing to go the extra mile. And that’s what I have seen in the Effective Data team.” Director of e-Business for ADP Dealer Services in Hoffman Estates, IL