VECTORsgi Solutions Enable XML Documents to Exchange in ACH Format

Tuesday 19 April 2005 09:44 CET | News

VECTORsgi, a Metavante company has worked with the NACHA X12 Finance subcommittee to conduct a successful proof of concept for Extensible Markup Language (XML) records to be embedded in NACHAs corporate trade exchange (CTX) format.

The goal of the project is to facilitate straight-through processing for business-to-business electronic payments. The proof of concept began with a payment origination file from an accounts payable system. M&I Marshall & Ilsley Bank used VECTORsgis VECTOR E-Payments Solution to convert payment origination files to a CTX design embedded with XML formatting. The files were then cleared through the ACH clearing system to JPMorgan Chase, which passed the payment with the accompanying XML remittance detail to the State of Louisiana Department of Public Safety, the receiving corporation. This formatting is intended to increase the acceptance of electronic payments and speed the posting of transactions to accounts receivable, decrease the number of cases of disputed items, and potentially decrease the days of sales outstanding. It will simplify a banks business processes and enable them to provide competitive corporate offerings and enhanced efficiencies. VECTORsgi also played an instrumental role in developing an XML format to transfer addenda records with electronic payments, providing industry-specific details and further enhancing reconciliation. The format is currently under consideration before the NACHA board of directors for approval for general use.

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Categories: Payments & Commerce | Payments General
Countries: World
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