A streamlined process that bypasses paper documents altogether and in which computers of retailers communicate directly with the computers of suppliers to automate routine business transactions is known as ________.
A) Real Time Gross Settlement
B) Electronic Data Interchange
C) Electronic Fund Transfer
D) Evaluated Receipts Settlement

Question

Quizplus · Accepted Answer

Electronic Data Interchange (EDI) is a digital process that eliminates paper documentation and relies on the computer systems of retailers and suppliers to communicate directly with one another to automate business transactions. Real Time Gross Settlement (RTGS) refers to the continuous settlement of transactions on an individual basis, Electronic Fund Transfer (EFT) refers to the transfer of funds electronically from one bank account to another, and Evaluated Receipts Settlement (ERS) refers to a process in which payment is automatically triggered when goods are received and accepted by the buyer.

A Streamlined Process That Bypasses Paper Documents Altogether and in Which