EDI Reassociation
The Bank of New York Mellon Treasury Services RemEDI® Reassociation is an innovative eCommerce service that:
- Matches automated clearing house (ACH) payments with your customers' separate electronic remittances
- Delivers a consolidated file of payment and remittance information from The Bank of New York Mellon
Benefits of RemEDI Reassociation
How RemEDI Reassociation Works
How RemEDI Reassociation is Implemented
Benefits of The Bank of New York Mellon Treasury Services RemEDI® Reassociation
- Delivers accurate information
- Electronic information reduces the number of errors associated with manual entry
- Improves your receivables posting rate
- Strengthens cash forecasting
- Same-day faxed or e-mailed X12 820 remittance advice can be used for cash forecasting or credit review purposes
- Unmatched payments and/or remittances may be transmitted to you after a set number of days to enable the investigation of unmatched transactions
- Improves customer relations
- Inquiries are resolved quicker and payment-receipt disputes are minimized
How The Bank of New York Mellon Treasury Services RemEDI® Reassociation Works
- Remittance information is delivered to The Bank of New York Mellon Treasury Services either directly from your trading partner or through a value-added network (VAN) transmission in the X12 format.
- The Bank of New York Mellon Treasury Services RemEDI® Reassociation warehouses whichever comes first - the payment or the remittance information — and waits for the arrival of its partner.
- When a match is found, you receive a transmission in the X12 format or a lockbox BAI (Bank Administration Institute) format.
How The Bank of New York Mellon Treasury Services RemEDI® Reassociation is Implemented
- Define criteria — Reassociation uses matching criteria to determine which payments belong to which remittances. You can select matching criteria for each of your trading partners, based upon the data your trading partner provides (i.e., transit routing number, account number, dollar amount and originating company identification). We require a receiving transit routing number and receiving account number.
- Arrange for information and payment deliveries — Remittance information is delivered to us either directly from your trading partner or through your VAN in the form of an X12 820 remittance advice. Your trading partner will then send an ACH payment separate from the remittance. The payment/remittance pieces will be warehoused, pending the arrival of its partner.
- The Bank of New York Mellon Treasury Services matches payment with remittance information — This step uses the predefined matching criteria to attempt to match each payment with its remittance information. When a match is found, you receive a consolidated file with payment and remittance data in the form of X12 or BAI transmission. With X12 transmissions, you may receive re-advices, which are sent immediately upon receipt of either remittance or payment.
- Be alerted to unmatched payments or remittances — You have the option to be alerted to unmatched payments or remittances that have remained in our RemEDI® Reassociation warehouse for a period of time as specified by your company. This lets you know when to contact a trading partner to investigate reasons for an unmatched item, and determine how many days unmatched data files are to be warehoused before being deleted.