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What Financial Institutions Should Know about FEDEDI
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.