Financial Electronic Data Interchange-Receiving

Let Broadway Bank maximize your payment efficiency—electronically.

Broadway can help you get full details regarding ACH receivable payments transmitted to and from your vendors and other trading partners with Financial Electronic Data Interchange. FEDI enhances ACH Collection and Disbursement by further reducing paperwork and remittance processing time. In fact, many FEDI originating vendors also give incentives to customers who can receive invoice information in this manner. Meanwhile, this service also includes consolidated, easy to read statements that give you complete, detailed transaction information.

How does FEDI work?

  • You prepare and send invoices as usual.
  • Your vendor originates an ACH payment to your account and includes additional invoice, or "trailer" information in the same file.
  • Broadway Bank receives and translates the trailer data.
  • The funds are made available in your account and you receive a translated report via mail, fax, through iBIZ Online Business Banking or an untranslated report in standard EDI format.

The benefits of
ACH Cash Disbursment?

It lets you:

Lower costs. Reduce the time-consuming tasks of handling, processing and filing return invoices.

Enhance control of information.
Receive data electronically and gain better control of confidential information.

Increase incentives.
Receive incentives from vendors who originate FEDI files.

Improve cash flow.
Quicker collections mean enhanced liquidity.

 

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