What Financial Institutions Should Know about FEDEDI
Wednesday, July 1, 1998
- Under EFT 99, all entities selling goods and services to the federal government must accept payments and payment-related information electronically.
- Effective in the fall of 1998, a new NACHA addenda reporting mandate requires that all ACH-receiving institutions be capable of sending payment-related information attached to corporate ACH items to receivers at the receivers' request.
- FEDEDI allows financial institutions to translate EDI messages on customer request. Those messages can be translated into human-readable form for paper delivery by mail, fax or customer pickup. Also, messages can be translated into computer-readable form for electronic file delivery by modem or diskette delivery (by mail or customer pickup).
- FEDEDI will be made available by Federal Reserve Banks in September/October 1998.
- FEDEDI resides outside Fedline®, so a financial institution can use its Fedline® PC or another PC.
- FEDEDI will be available for the DOS and Windows 95/NT® operating systems--Windows3.1 will not support FEDEDI.
- Education and software training provided by the Federal Reserve will accompany the distribution of FedEDI software.
- Regular updates will be provided to keep FEDEDI up-to-date with developing EDI format standards.