Careers | Contact | About | Home
Amosoft EDI Services Call (800) 761-4269 Login
Fill this form to get help choosing the right EDI Solution
sign up for the newsletter
Request A quote
Watch our Video on YouTube
Check out our Mobile EDI solutions

EDI bankers ticket to electronic commerce

Thursday, April 5, 2012, 8:00 AM
It is true that just a small number of banks have established the use of Electronic data interchange system. However, with developments and improvements in outsourcing, it is becoming inevitable that every bank must install and use this amazing asset. Different kinds of persons have come up with various definitions of electronic commerce. For instance, commercial banks term it an initiative put in place to support retail customers with home banking. Others say its meant to help merchants carry out their secure payments with ease. Then we have those who simply refer to it as a support to corporate customers who transact the businesses of back- office processing. The fact is that all these definitions talk about one thing; electronic commerce. When referring to EDI, we mean a special type of electronic commerce that does not deal with paper business to business transactions. Today, it is estimated that merely 95% of all business transactions are executed on paper. Processing paper data is more expensive in all spheres since Data entry is very slow and it is also prone to numerous errors. For instance, RJR Nabisco estimated that it costs only 93 cents to process an electronic purchase order using EDI while $70 to process the same order on paper. This definitely explains why banks should embrace the use of such an asset. EDI involves computer to computer, business to business interchange of information in standard forms. EDI is known as Financial EDI if financial institutions transact their finance businesses via it. However, the latter has not gained ground like the nonfinancial institutions. In the United States of America, for example, numerous nonfinancial institutions like government agencies have established and are using EDI while less than 50% of Banks in the US use EDI network services. The main reason for this is the high costs required to initiate and operate EDI. As a resulted EDI has only dominated large companies with the financial muscle to access it. Upcoming firms have shied away except for those getting support from their financial endowed customers. This post tells us more about the various perceptions of different people to the electronic data interchange service. In addition, it reveals the statistics of different institutions in terms of their use of EDI services. It analyses the advantages of using EDI compared to processing of data using paper documents.

twitter follow us rss subscribe


EDI Software & Services   EDI Industries EDI Resources
EDI Software EDI Integration EDI for Retailers EDI Articles
Web Based EDI Solution EDI Outsourcing EDI for Suppliers EDI Documents
AS2 Software EDI Consulting EDI for Manufacturers Partners
ASN Software VAN Services EDI for Grocery Success Stories
QuickBooks EDI Software   EDI for Food Brokers EDI Overview
Microsoft Dynamics AX EDI Software   EDI for Logistics The Future of EDI
Microsoft Dynamics GP EDI Software   EDI Healthcare Supply Why should I use EDI?
Microsoft Dynamics SL EDI Software   EDI HIPAA More about EDI
Microsoft Dynamics NAV EDI Software     ASC-X12
SAP Business One EDI Software     DISA
SAP R/3 EDI Software     HIPAA
Oracle JD Edwards EDI Software     EDI Standards
Epicor Retail EDI Software     Employment Opportunities
Sage MAS 90 EDI Software     EDI News & EDI Blog
Sage MAS 200 EDI Software      
Sage MAS 500 EDI Software      
Sage PFW ERP EDI Software      
Sage Accpac ERP EDI Software      
Sage Pro ERP EDI Software      

Get more business with EDI Outsourcing quote-blue.png
or call us (310) 862-4259

From our News

EDI Outsourcing: Outsource EDI Project
There are many benefits of EDI, and one of the most conspicuous benefits of EDI is that it is the safest way of transferring data and information to the recipients. Now, the web based EDI service is used comprehensively by the business companies across the world. However,

11601 Wilshire Blvd. Suite 500

Los Angeles, CA 90025

Sales Inquiries: +1 800-761-4268

Contact Us arrow-yellow.gif