For many blog readers, Electronic Confirmation Matching (eCM) may seem like yesterday's news, yet leading traders are taking advantage of innovations in eCM to drive their business in 2023.
Today leading traders are augmenting or upgrading legacy eCM setups to unlock the potential of state-of-the-art eCM offers. As of 2023, Fidectus' GEN Confirmation HUB is a commercially proven solution that eliminates the dependency on different workflows driven by counterparty capabilities. As a result, Global Energy Network (GEN) users are no longer handicapped by a confirmation process dictated by another organization (counterparty). From a Fidectus user's perspective, upgrading to GEN Confirmation HUB results in a unified electronic workflow for all confirmations.
GEN Confirmation HUB extends the value of industry-accepted and standardized eCM by adding native handling of inbound and outbound PDF confirmations.
As a result, confirmations submitted via PDFs appear to GEN users in the same electronic workflow as all other counterparties eliminating redundant workflows while providing a single source for reporting and dispute management.
GEN Confirmation HUB users found additional value in the platform's ability to automatically generate and email a PDF confirmation to specified counterparties, who value the simplicity of receiving a PDF confirmation. In these situations, the counterparty reviews the PDF and, if they agree, simply confirm vis email or – if preferred - signs the PDF to validate the trade and emails the document back.
The power of a single workflow translates into reduced errors, operational cost savings, and a single well-defined dispute process with an immutable audit trail.
A single blog post can only provide a glimpse of the fundamental business drivers fueling the transformation of eCM in 2023. To learn more about GEN Confirmation HUB, schedule a demo or try it.