Definitions for "Financial EDI"
An instrument for settling invoices by initiating payments, processing remittance data and automating reconciliation, via the exchange of electronic messages.
The exchange of the electronic business information such as lock box information reports, daily balance reports, and monthly accounts analysis reports between a firm and its bank. In the context of payments, financial EDI refers to electronic data interchange combined with payment instructions. This allows customers to include invoice data and payment instructions in the same payment order.
an electronic transmission of payments and payment related information in standard formats between company trading partners and/or their banks