Magazine article American Banker

Mich. National to Use Sterling Invoice System

Magazine article American Banker

Mich. National to Use Sterling Invoice System

Article excerpt

Michigan National Bank has obtained a license to use software for reducing corporate clients' paperwork in business-to-business transactions,

Michigan National, an $11 billion-asset institution based in Farmington Hills, Mich., licensed the software, called Vector Connexion, from Sterling Software, Dallas.

The electronic data interchange program will enable the bank to offer services ranging from complete automated-payment origination and receiving to the handling of invoice and remittance information in computerized formats.

Stemming the Flow

Electronic data interchange, or EDI, represents a way of cutting down on the paper flow between trading partners, as well as reducing the potential for error. According to Michael Gibbons, vice president at Sterling Software, EDI is emerging as the preferred method of exchanging data among corporations.

Mr. Gibbons estimated that over 30,000 companies now communicate with each other using electronic formats. Sterling Software's direction division specializes in such systems, software products, and related services for the item processing operations of medium to large financial institutions.

For the past 30 years, companies have focused on automating and improving the way they communicate internally," Mr. Gibbons said, "Now more attention is being paid to the way they deal with each other."

Experience with GM

Michigan National was first exposed to electronic data interchange through an effort started by General Motors Corp. …

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