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Financial
EDI Use Increases At
the Electronic Commerce 2001 conference in San Francisco last month, NACHA
announced that financial electronic data interchange (EDI) over the Automated
Clearing House (ACH) Network grew by 21.5%
last year. More than 96 million financial EDI transactions crossed the
ACH Network last year, up from 79 million in 1999. Financial
EDI is the electronic exchange of payments, payment-related information or
financial-related documents in standard formats between business partners.
Financial EDI means that money and data are transmitted together. William
B. Nelson, Executive Vice President of NACHA, said, “At the same time that
financial institutions and companies are creating and using new
business-to-business technologies, financial EDI continues to grow. B2B on the
Internet is contributing to the growth of financial EDI, because payments still
need to be made no matter how the transaction is originated. Today, financial
EDI remains an effective way for companies to do business with trading partners,
whether through new B2B applications such as digital marketplaces or through
traditional vendor/purchaser EDI arrangements.” The
total volume of corporate electronic payments over the ACH Network exceeded 902
million in 2000, up from 818 million in 1999, a 10.3 percent increase. (The
statistics do not include “on-us” commercial transactions within a single
bank.) This figure includes business-to-business and government-to-business
financial EDI, non-EDI payments, and intra-business cash concentration. The
dollar amount of these payments exceeded $11.6 trillion. For more information
visit www.nacha.org. |
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© Copyright 2001 · The Green Sheet, Inc. |
