Finance

Commport Industries -  Finance

 

Electronic Data Interchange (EDI)  is widely employed by commercial firms to initiate transactions with their financial services counterparties. EDI facilitates financial supply chain transactions like the direct deposit of payroll checks by employers, the direct debit of consumer accounts, and also the electronic payment of government taxes by businesses. With the increasing emphasis on security, the financial services industry has added variety of secure communication protocols together with the more common ones used for other industries.

What is Electronic Data Interchange?

Electronic Data Interchange is the transfer of large amounts of information in a specified format between business partners.  Here are the following ways EDI benefits your business:

Bi- directional format, sending/receiving computer systems communicate, confirm receipts, and report errors.

EDI users conform to a higher security standard than normal internet data transfers.

Eliminates human intervention by reducing manual processes, human intervention needed only when errors arise.

Flexible enough to pertain to multiple to various business models.

Common EDI Transaction Codes for Financial Series (FIN)

 

EDI X12 Transaction Number

 EDI Transaction Name / Document Type

EDI 248

Account Assignment/Inquiry and Service/Status

EDI 810

Invoice

EDI 811

Consolidated Service Invoice/Statement

EDI 812

Credit/Debit Adjustment

EDI 818

Commission Sales Report

EDI 819

Operating Expense Statement

EDI 820

Payment Order/Remittance Advice

EDI 821

Financial Information Reporting

EDI 822

Account Analysis

EDI 823

Lockbox

EDI 824

Application Advice

EDI 827

Financial Return Notice

EDI 828

Debit Authorization

EDI 829

Payment Cancellation Request

EDI 831

Application Control Totals

EDI 859

Freight Invoice

EDI 980

Functional Group Totals

Commport EDI Statistics

Commport resolves
%
of its service cases in less than 24 hrs.
The Commport network boasts
%
uptime.
Documents are received by Commport and sent out in
seconds.
Commport translates/transmits documents for more than
users annually.
Customer service executive working at Commport office

We are here to help you regardless of your business situation. Become compliant today and run your business successfully. Get in touch with the Commport team now!

Whether you are a small company or a large enterprise, our trading partner and document implementation solutions will help you to improve efficiency and collaboration within your trading partner community.

Because making your business more efficient is our business

 

Commport Communications International, inc.

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