Zürich, 21. June 2022 – The Swiss utility Primeo Energie selects the Fidectus platform «Global Energy Network» (GEN) for fully automated settlement of energy trades in OTC markets.
Fidectus complements their electronic Settlement Matching (eSM) service with a fully automated end-to-end settlement cloud service. The new service can be applied in environments where there is no settlement function in the ETRM system available or the settlement is executed in an accounting system but is not (yet) eSM-compliant. Flexible and fast adaptation to the existing, sometimes very different accounting processes and system architectures is achieved via effortless configuration.
At Primeo Energie, for example, raw trade data from the ETRM system is transmitted to Fidectus' GEN at the granularity of individual transactions. GEN automatically creates electronic invoices, purchase orders, credit notes and nettings. The documents are processed to Primeo's business partners and compared with their expectations (the "matching"). In parallel, the documents are posted into the SAP accounting system. If there is a match, payment is executed. If there are discrepancies, Primeo and its business partners have a collaboration tool at their disposal for efficient clarification. The new cloud service fully supports the EFET eSM standard and comes with interoperability out of the box.
“Fidectus' solution facilitates our trade processing enormously and fits into our digitization efforts. The solution saves us a lot of time and money and works with all our business partners. It doesn't matter whether they have already switched to electronic invoicing or are still using paper, email and PDF." Says Vinzent Schild, Risk Manager at Primeo Energie AG.
Dr. Jens Bartenschlager, CEO and founder at Fidectus adds "We are proud to offer a solution for the needs of energy traders of all sizes and setups. Our automated settlement service fits seamlessly into the existing IT architecture. With little effort and low cost, digital and automated settlement across companies is now possible for all participants in the OTC market.