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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.