Types of Information Exchanged Electronically

The following types of information can be exchanged electronically between bank and customer:

• Daily reports of balances and transactions

• Reports of lock-box and electronic funds transfer (EFT) remittances received by the bank

• Authorizations issued to the bank to honor debit transfers

• Monthly customer account analysis statements

• Account reconcilement statements

• Statements of the demand-deposit account

The electronic payment mechanism, which is a subset of EDI, involves the following separate activities:

• Exchange of payment orders, causing value to transfer from one account to another

• Exchange of related remittance information in standardized machine-processable formats