Magazine article American Banker

Chase, Aussie Retailer Exchanging Data over Net

Magazine article American Banker

Chase, Aussie Retailer Exchanging Data over Net

Article excerpt

Chase Manhattan Bank's effort to conduct electronic data interchange over the Internet is going under. Down under, that is.

The bank has started processing financial EDI-which combines payments with remittance information-in Internet transmissions from a large Australian retailer, which it declined to identify.

It is the first time Chase has processed financial EDI from a company outside the United States.

Four U.S.-based companies already send Chase financial EDI files through the bank's Internet-based EC Gateway service, which has been available since 1997.

About $50 million flows through EC Gateway each month. Chase expects to see significant growth this year as it adds customers, said Jeanine Khoury, vice president and product manager for electronic commerce.

"Chase is one of the only institutions using global Internet communications for financial transactions," said Ms. Khoury.

The Australian agreement is the first of several that Chase plans to secure with foreign companies. By early 1999, the bank expects to add three from Europe, two more from Australia, and at least three more U.S. companies to its EC Gateway.

The service handles non-EDI electronic commerce applications as well, such as wholesale treasury services.

By using the Internet instead of private networks, companies can lower the cost of electronic exchanges, said Ms. Khoury.

But companies must pay to ensure the necessary security on the Internet, said Richard Bort, an electronic commerce consultant based in Sherman Oaks, Calif. …

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