The Need for a Standard in Edi in the Collection World
Debt 3 › Vol. 20 Nbr. 5, September 2005
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Summary
As the collection world transfers more and larger amounts of data electronically, the need for a standard in how data is structured is never more apparent. Probably the most compelling reason for using standards is protecting the long-term value of data. In the world of credit and collections, data is king. According to a Getty Institute report, data standards not only ensure that a database is internally consistent so that it can be managed effectively, but also permit data to be formatted and stored so they are easier to "export" to other systems. The standard should be written within a framework that is commonly accepted and used in today's software environment. The time has come to move towards a data standard that is open and available to all in the public domain and used by a broad cross-section of the industry.
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The Need for a Standard in Edi in the Collection World
When was the last time you looked at your keyboard? I mean, really looked at the individual keys and how they are arranged. Look at the upper left hand row of letters and you'll see the keys Q-W-E-R-T-Y. Even though it may not make sense, Q-W-E-R-T-Y has become the standard for keyboards.
How many collection lawyers does it take to ch...See the full content of this document
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