Thursday, July 28, 2016

Define EDI and EFT

EDI : A series of standards which provide computer to computer exchange of business documents over interorganizational or intraorganizational networks.

EDI includes :

1. Purchase order

2. Shipping documents

3. Invoice

4. Invoice payment

EFT : Moving funds between different accounts in the same or different banks through the use of wire transfer automatic teller machiner or computers but without the use of paper documents.