The FedEDI Plus service enables financial institutions to automatically search their FedACH transactions for financial Electronic Data Interchange (EDI) messages and other important information. The service will then translate this EDI payment and remittance information into human-readable reports or make the information available as a computer-readable file. The service can distribute this information to business customers so they are able to match ACH payments to documentation such as invoices. The service is composed of five primary components as described below:
The DFI Maintenance feature allows financial institutions to easily define specific DFI information the FedEDI Plus service will use. This information can be easily entered and modified anytime the service is active.
The Customer Maintenance feature allows financial institutions to easily define specific receiver information the FedEDI Plus service will use. This information can be easily entered and modified anytime the service is active.
Each night the service automatically scans FedACH transactions and generates requested reports. The reports are available to the DFI in FedLine for viewing, printing and downloading via this feature.
The On Demand feature allows reports to be manually generated for various date ranges and Customer Account Numbers in a real time, on-line basis instead of automatically each night as a Scheduled Report.
The Secure Delivery feature is an optional encrypted email service that allows for the generated reports and data files to be sent automatically and directly to the financial institution and/or receivers. Use of this feature when paired with the Scheduled Reports feature may significantly reduce or eliminate manual processing.