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financial EDI

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EDI which is used within the finance industry. This includes banks, loan companies, building societies, insurance companies, and stockbrokers. Financial EDI is concerned with the transfer of monetary information such as clearing data, cross-payments, debits, and credits across a network. In the past FEDI was confined to organizations which had private networks and which would communicate with similar organizations using dedicated lines. However, there have been a number of experiments of FEDI using the Internet. See also electronic data interchange.

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