EDI Full Form in Banking | What is the Full Form of EDI

EDI Full Form - Electronic Data Interchange

 Full Form of EDI

Full Form of EDI

  • EDI stands for Electronic Data Interchange. ( full form of edi )
  • It's a computer-to-computer exchange of data or information like business documents between companies.
  • It involves the use of a uniform format that permits companies send information or documents to a different companies electronically without human intervention.
  • EDI is in use for more than 30 years. There are many EDI standards like X12, ANSI, EDIFACT, ODETTE.
  • For using EDI, the computer systems of two companies must be ready to communicate directly with one another.
  • Furthermore, as there's no human intervention, the businesses must follow an equivalent standard format to enable computer systems understand one another and information flowing between them.
  • Generally, the companies that do business together use EDI for fast, accurate and reliable exchange of data.
 EDI Interchange

EDI Interchange

Benefits of EDI ( full form of edi )

  • Speed :
    • The data and information are exchanged in a matter of seconds rather than days or weeks.
  • Time-Saving :
    • It eliminates the time-consuming activities like printing, handling, filing and delivering the documents.
  • Accuracy :
    • The human intervention is reduced in EDI that reduces human errors like illegible handwriting, document mishandling etc.
  • Low Cost :
    • It helps companies save money because the expenses associated with producing and delivering documents are eliminated.
  • CRM :
    • It helps manage relationship with customers by enabling companies respond faster to changing customer need.
  • Real-time transactions :
    • Information is exchanged in real-time that permits faster and better decision-making.

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