What is a standard format for exchanging business data?
A) Financial EDI
B) Financial cybermediary
C) Electronic Data Interchange
D) None of the above

Question

Quizplus · Accepted Answer

Electronic Data Interchange (EDI) is a standard format used for exchanging business data electronically between different companies in a structured and controlled manner. It is designed to replace the traditional paper-based system with a more efficient electronic one. EDI involves the use of standardized messaging protocols and document formats to share business information such as Orders, Invoices, and Shipping notifications. This ensures that information is consistent and accurate, reduces errors, eliminates manual processing, and speeds up the exchange of information between trading partners. Financial EDI is a subset of EDI that specifically deals with financial transactions, while a Financial Cybermediary is a type of electronic financial intermediary that facilitates financial transactions between buyers and sellers.

What Is a Standard Format for Exchanging Business Data