We had similar discussions with BOA when we were initially ready to do 820/CTX payments. After their initial quote, we told them that we were going with Wachovia (still exists?), and they settled the price to a fifth of what they were going to charge. I'm sure if you do some research and pit a few banks against each other (Wells Fargo, JP Morgan, Wachovia, National Bank, Citicorp all are capable) BOA will lower the price. The only thing you'll need is a PGP program to encrypt the data you're sending to BOA.
--- In [email protected], "gbeatty60" <[EMAIL PROTECTED]> wrote: > > Hi Group, > Some of our vendors have expressed interest in receiving remittance > info along with the ACH payments that we ftp to them. I've done some > research and determined that CTX will do the trick. The vendors confirm > that they have other customers that send them ACH in CTX format. > The problem that I'm having is our bank (Bank of America) is quoting > prices for this service which would make it financially impossible to > comply with the vendor's request. Their Treasury Rep is trying to sell > us something called "The Payment Network", which does a whole lot more > than just pass through ACH data, in addition to a number of other > banking services. I believe that we can meet the vendor's requests > without this expensive software. > I want to point out that we don't currently process EDI transactions. I > will be writing the code to translate our A/P data into EDI 820 format > and put it on the type 7 records. My understanding is that our bank > only needs to pass this information along to the ACH network. The RDFI > will be responsible for its translation and the vendor pays them for > that service. > Has anyone had similar experiences and, if possible, could you provide > the AFC banking service codes needed to get CTX transmissions processed? > ------------------------------------ ... Please use the following Message Identifiers as your subject prefix: <SALES>, <JOBS>, <LIST>, <TECH>, <MISC>, <EVENT>, <OFF-TOPIC> Job postings are welcome, but for job postings or requests for work: <JOBS> IS REQUIRED in the subject line as a prefix.Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/EDI-L/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/EDI-L/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
