Banks, stock brokerages, consumer-finance companies, and other financial institutions provide a wide array of services and products to their clients. One of the major factors that impact the bottom-line of a financial institution is its ability to manage complex information flows such as handling receivables and payables, processing benefits eligibility claims and transmitting merchant settlement files. Many of these processes remain very paper-intensive, with a lot of opportunities to truncate paper checks and move towards automation with Electronic Data Interchange (EDI).
In addition to being a lower-cost alternative to the traditional paper-based approach, EDI helps financial institutions manage the complexities associated with working across international boundaries, including differences in accounting practices and regulations. However, to truly leverage the benefits of Electronic Data Interchange, businesses need a feature-rich yet easy-to-use EDI solution that can simplify the process of building and translating EDI messages.
EDIConnect, an enterprise-grade EDI platform, helps streamlines the process of sending and receiving EDI messages with its drag-and-drop, code-free environment, support for all X12, EDIFACT, and HL7 transaction sets, and high-performance EDI translator, validator, and transaction builder.
Here is a complete list of finance-specific X12 transaction sets that EDIConnect supports:
View our demo to find out more about how a financial institution can benefit by investing in an EDI solution like EDIConnect.