Transform Your Supply Chain

In this new era of digitalization, the growth of international trade has created opportunities for trade between buyers and suppliers across the globe, resulting in the globalization of the financial supply chain. It involves many different processes to exchange information such as differences in currencies, accounting regulations, and other financial transactions/documents. Using EDI in the financial process mitigates this risk by automating the data exchange process in a standardized format, enabling the seamless, accurate, and timely exchange of financial data between buyers, sellers, and their financial institutions.

Electronic Data Interchange (EDI) is widely employed by commercial firms to initiate transactions with their financial services counterparties. EDI facilitates financial supply chain transactions like the direct deposit of payroll checks by employers, the direct debit of consumer accounts, and also the electronic payment of government taxes by businesses. With the increasing emphasis on security, the financial services industry has added variety of secure communication protocols together with the more common ones used for other industries.

The most common EDI standard used in North America is EDI ANSI X12 transactions. There also other popular EDI standards are also used across the world such as UN/EDIFACT, SWIFT, and more.