Technology Update
Our present is the best guarantee for the future

“Time for financial sector businesses to invest in EDI”

03/08/2016

Today, the Brazilian financial sector is one of the most technologically advanced worldwide. Investments in IT are seeking, above all, to ensure data integrity in an area which is particularly sensitive. In this sense, EDI has emerged as an ideal system for banks, insurance policyholders and companies working with finance to optimize communications and exchange their files more securely.

 “Financial EDI meets the four basic requirements for a relationship in this sector: integrity, security, confidentiality and traceability. But it also provides other competitive advantages that companies should not overlook. We’re talking about process automation, immediacy and efficiency, among others”, explains EDICOM’s expert in financial EDI, William Pascheti.

The use of financial EDI is a useful ally for many companies in routine procedures such as salary payments to employees or social security contributions to the Public Administration.

“One of our customers in Brazil, the big retail fashion outlet Marisa, managed to automate the work that used to be done by 10 people simply by rolling out an EDI solution. Now, those ten employees have set aside these financial operations to pursue other tasks that really add value to the company”, adds Pascheti.

Although Brazil is currently in a time of political and economic crisis, the EDI expert from EDICOM maintains that “it’s time for companies in the financial sector to invest in EDI solutions that enable them to improve internal working processes." As Pascheti notes, “the financial sector should be geared up and ready to be competitive when acceleration picks up again.”

 

How does EDI work in the financial sector?

In the domestic scope, all EDI messages exchanged between banks, businesses and other stakeholders in the financial sphere use the CNAB standard, created by the Brazilian Banking Federation (Febraban).

However, in international operations the process is conducted through the Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, using the XML ISO 20022 standard. This is a global outreach network used by 11,000 financial institutions in more than 200 countries around the world.

 

How is security guaranteed?

Security and confidentiality are indispensable in financial transactions. Before engaging in any process, the parties involved need to make sure that the service provider charged with transmitting the data all the necessary requirements to ensure data encryption.

 “At EDICOM we have three certificates which ensure that the process will take place securely and confidentially. First of all, ISO 27001 on information security; second, ISO 20000 on IT service quality IT and, finally, ISAE 3402, which sets up barriers to prevent fraud or economic corruption”, explains Pascheti.

The ISAE 3402 standard is especially relevant given its relation with the well-known American SOx law, which came into being due to the Enron scandal. Like the other regulations, the ISAE 3402 promotes comprehensive internal control in order to ensure financial transparency.

The EDICOM experts explains how “rolling out financial EDI requires certifications like this which ensure compliance and make corporate governance possible in larger companies.” This is what is designated e-governance. In other words, application of the technology not simply to automate processes and optimize communications, but also to prevent undesirable practices.

 

Why EDICOM?

 “Companies in the financial sector that decide to adopt EDI have to look beyond the development of the transmission process. What is really important is choosing a provider with a robust service”, says Pascheti. With EDICOM, that service is assured in a signed SLA guaranteeing 99,9% availability. This is possible thanks to our high-performance Data Processing Center (DPC).

In addition to these features, “corporations should also assess the support, commercial facilities and value-added services provided.” In a rapidly evolving world, the capacity to adapt is crucial for companies to maintain their competitive edge.

Would you like to find out more?


Ask for information.

Tags

Cloud Computing B2B Cloud Platform EDI ASP-SaaS e-Invoicing GDSN VMI VAN OFTP2 AS2 Certification Authority Digital Signature Outsourcing SLA Software EDICOM Events Expert Chat SaaS-ASP Corporate Information GS1 CFDI PAC APP Associated Facturae Data Sync NOM151 partners EDICOM Retail public administrations Acreditations Web Portal EDI NF-e einvoicing Partner Web Portal SAP EDI Health Edicomdata CRP EBI ei Payroll Portal B2B EDICOMNet edi logistics SAFT-PT Ticket Portal Avaluos business@mail EDI Manufacturers CT-e NFS-e TSD epayrolls factura electronica edi automotive customer support center comprobante de pago CAE e-billing DTE e-awb comprobantes fiscales electrónicos nfc-e eaccounting contabilidad electronica CFE comprobante fiscal electronico compliance eAWB retenciones electronicas xml-cargo peppol edicom air iata e-cargo IVA Cargo-XML EDICOMAir SUNAT Perú SEE Business Mail Payrolls recibos de sueldo EDI Auto b2g eprocurement datapool panama sii PCRDD SII AEAT NHS edi academy comercio exterior EDICOM LTA sat paperless mmog OFTP EDI Web colombia CFDI Nóminas DIAN México SAF-T VAT DESADV ASN Fatture B2B Costa Rica Complemento pagos Chorus Pro moda interoperabilidad Cancelación suministro inmediato de información european union digitalización emisión electrónica openpeppol global einvoicing factura electrónica ecuador automotive industry United States and Mexico edicom sii norway VAT compliance tax administration air freight sector UNCTAD aviso de expedición Advanced Shipped Notice Despatch Advice data synchronization peppol network peppol standards peppol european union chile tendencias interoperability interconexión SINTEL Brasil interoperabilidade foreign trade e-procurement trends digitization digital transformation SaaS edicomsii MMOG/LE latam global einvociing cybersecurity EDI financeiro white paper factura electrónica colombia fintech fashion eIDAS e-archiving ebimap SME EDICOMLta e-commerce EDI financiero russia fattura b2b B2B e-Invoicing GDPR RTIR FACe FACeB2B portugal blockchain

Follow us on

  • linkedin
  • rss