EDI

Electronic Data Interchange (EDI) is the computer-to-computer exchange of information between two or more parties known as Trading Partners. EDI allows for the financial exchange of payment and remittance data between those parties.

Woodforest National Bank’s EDI service combines financial exchange of payment and remittance data with EDI capabilities to electronically transmit payment and remittance information to your company. Remittance data could include dollar amount, invoice number, invoice date, customer account number and invoice description. This information makes it much easier to apply payments and avoid discrepancies.

EDI is a low cost alternative to the traditional paper based method of posting payments and payment detail to your accounts receivables.

Benefits

• Accelerates posting via immediate access to detailed payment information related to your ACH receipts
• Reduces expenses associated with ACH transactions as online access is more efficient than relying on payment detail that is mailed or faxed
• Standardizes information delivery: Payment detail is consistently formatted, which enhances the information process and minimizes posting errors
• Eliminates the need to photocopy remittance related information as the reports can be downloaded and saved to your computer in a variety of formats (txt, pdf, html)
• Provides easy and secure access through the internet as information is available 24 hours a day, 7 days a week to authorized individuals

How It Works

Your company will continue to prepare and send invoices just as you currently do now. If your trading partner begins to send payment details with the ACH payment rather than a separate advice, the EDI service will translate the detail or addenda into a human readable format. Authorized individuals will be notified via secure e-mail that a summary report with full payment detail is available to view and download.

Businesses utilizing our EDI service must maintain a Business Checking account on Account Analysis. The monthly maintenance fee will be assessed through Account Analysis.

Please contact Treasury Management Sales at (832) 375-2606 to learn more about Woodforest National Bank’s Electronic Data Interchange service.