Vendor Express lights up the ACH

Article Abstract:

The US Treasury Dept's Vendor Express program is designed to meet the requirements of the Prompt Payment Act of 1982 that the government pay its bills in a timely fashion. Vendor Express will require firms and banks doing business with the government to receive payments through electronic transmission. The Treasury intends to convert most of its 77 million annual payments to electronic direct deposit by 1990, largely abandoning paper checks. The change is expected to save the government almost $18 million annually. Corporations have been reluctant to utilize electronic payments to date because of the convenience of paper-based payment systems. Electronic funds transfer is expected to become more popular once it is cheaper and more efficient than time-consuming paper alternatives.

Analysis, Technology application, Electronic funds transfer systems, United States. Department of the Treasury, Check collection systems

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The EDI revolution: how one bank practiced what it preached

Article Abstract:

First Chicago Corp recently introduced an electronic data interchange (EDI) system to its purchasing department. EDI systems replace paper systems for purchase orders, acknowledgements, change requests, change acknowledgements, invoices, and remittance payment advice. Instead, this information can be exchanged electronically with its vendors. About 20 of First Chicago's vendors participate; by 1988, it should be 50. It has brought the bank annual savings of $500,000 already, and is expected to save $2 million annually in the future. The bank's internal supplies department is the next target for EDI.

DEPOSITORY INSTITUTIONS, First Chicago Corp.

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