Bank of Boston Corp. has become the latest institution to join EDI Bank Alliance Network, or Edibanx, a payment system for financial electronic data interchange.
The bank company said it believes Edibanx, which is operated by the Chicago Clearing House Association, will eventually become the central clearing house for financial electronic data interchange transactions, which are electronic exchanges of payments and related information among corporations.
Although Bank of Boston has offered its corporate customers electronic data interchange services for years, officials said they believe the bank will now be able to process payments faster and more efficiently.
"We felt it was important to become a part of this group," said Elizabeth Matera, the bank's director of electronic commerce products. "We think, long term, Edibanx will be providing us with a vehicle to differentiate ourselves by offering a larger product line."
Edibanx, which was developed by 13 major cash management banks, went into production last October. Since going live, it has recruited several members, including Chase Manhattan Corp. of New York, Mercantile Bancorp. of St. Louis, and PNC Bank Corp. of Pittsburgh.
Although details of Edibanx's reportedly modest transaction volumes have not been released, Ms. Matera said transaction numbers are growing as more corporations employ EDI. In hopes of bolstering transaction volume, Edibanx has created a Trading Partner Directory, which lists more than 100 EDI- capable companies.