Commission EDI

Commission EDI services have been available from product providers for a number of years. They are, quite simply, an electronic version of a paper commission statement. They are transmitted from product providers to the EDI mailbox of the adviser firm or their commission reconciliation service supplier.

When allied to a commission reconciliation system or service they can, electronically, match commission received against commission expected and quickly highlight any significant anomalies which need to be investigated.  This automated service helps to accurately account for commission received (including renewal amounts), whilst reducing the resources spent on a task that can be laborious and time-consuming.

There are a number of commission reconciliation programs or services available. These provide a valuable service to advisers who have a large commission book that needs to be monitored.