2 min read

Norlys Energy Trading selects Fidectus as their eCM-Provider

Norlys Energy Trading is going live with electronic Confirmation Matching on Fidectus' Global Energy Networks and takes advantage of the partnership between Fidectus and Previse Systems.

 

Norlys Energy Trading (NET) is one of the newest and fastest-growing power and energy traders in the Nordics. After its foundation by Norlys and Eurowind in 2020, NET is geared to drive the renewable energy transition in Europe. Their trading methodology is based on computational excellence, world-class algorithms, and automation to accelerate the energy transition. This methodology influenced their search for a scalable and highly automated solution while setting up their trading operations.

Fidectus' electronic Confirmation Matching (eCM)-Solution enables energy and commodity traders like NET to take control and achieve true automation in their Back-Office process. True automation is based on a straight-through process throughout the entire Post-Trade lifecycle, which minimizes repetitive tasks and human interaction. Legacy confirmation solutions only achieve partial automation and are limited to the provider's network, leaving end-users with multiple workflows dependent on the counterparties' internal processes. Various workflows are not only complex and require manual work; they are contrary to the straight-through approach to achieving true automation.

To overcome these challenges, Fidectus created an eCM solution that is 100% EFET eCM-compliant and not dependent on the counterparties' internal process. Being not reliant on others' processes and therefore not limited to a provider's network, Fidecuts' Global Energy Network (GEN) users have an entire market reach in one unified workflow, regardless if the counterparty is using a legacy provider or still using paper confirmation. Complete market reach combined with a powerful GEN Dashboard enables users to get an instant and centralized overview of their Back Office Process. The centralized overview minimizes unnecessary repetitive tasks and entitles end-users to focus on the cases where human interaction is required. This next level of automation increases operational speed and lower operating costs while mitigating credit and counterparty risk.

Fidectus understood that true automation is achievable only by working closely with E/CTRM-Systems. The partnership with Previse System is crucial in reaching this goal for NET. Due to the collaboration and the native connectivity between the two systems, complex integration projects are redundant, and comprehensive Post-Trade functionalities are embedded in the source systems allowing straight-through processing.

Without leaving the Previse Coral Systems, trade confirmations are automatically transferred between the platforms, made EFET eCM-compliant, and sent to all counterparties. At the same time, the matching status is reconsumed and displayed. This end-to-end connectivity and straight-through approach allows companies to automate the entire trade lifecycle fully, keeps clients' total cost of ownership at a bare minimum, and maximizes their ROI.

Watch Michelle Rønne, Head of Back Office, speak about her experience with Fidectus and Previse and the value the partnership creates for Norlys Energy Trading.

 

HubSpot Video

 

To see the native connectivity between Previse Systems & Fidectus, click here to schedule a demonstration and experience how your company can profit!

 

 

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