Financial Electronic Data Interchange-Receiving
Let Broadway Bank maximize your payment efficiency—electronically.
Broadway can help you get full details regarding ACH receivable payments transmitted to and from your vendors and other trading partners with Financial Electronic Data Interchange. FEDI enhances ACH Collection and Disbursement by further reducing paperwork and remittance processing time. Many FEDI originating vendors also give incentives to customers who can receive invoice information in this manner. Meanwhile, this service also includes consolidated, easy-to-read statements that give you complete, detailed transaction information.
Benefits of ACH Cash Distribution
- Lower costs—reduce the time-consuming tasks of handling, processing and filing return invoices.
- Enhance control of information—receive data electronically and gain better control of confidential information.
- Increase incentives—receive possible incentives from vendors who originate FEDI files.
- Improve cash flow—quicker collections mean enhanced liquidity.
How Does FEDI Work?
- You prepare and send invoices as usual.
- Your vendor originates an ACH payment to your account and includes additional invoice or "trailer" information in the same file.
- Broadway Bank receives and translates the trailer data.
- The funds are made available in your account and you receive a translated report through iBIZ Online Business Banking.
Contact Treasury Solutions
Contact our Treasury Solutions team today to see how you will benefit from modern banking that’s locally sourced and personally delivered.Easy Solutions
With business operating accounts, payroll processing, credit cards, lines of credit and equipment loans, we have what it takes to move your business forward.
Local Decision Making
As a regional, independent bank with deep ties in the community, our bankers have an understanding of this market and know how to position you for success.
Experienced Partner
Success lies between knowing you have the personal touch of a small bank paired with the expertise of a Wall Street titan. As the region’s largest and strongest independent bank you get the best of both.
Service may require additional agreement and fees.
