With the introduction of standardized electronic exchange of data, the energy market is rapidly progressing. It helps in quick supply as per the demands as well as the accumulation of resources for higher profits and ROI. At FSSP we can help you to implement the best practices.
The European Federation of Energy Traders (EFET) is an industry group that promotes the use of electronic data interchange (EDI) in the energy sector. Some of the benefits of using EDI in this context include improved efficiency, reduced costs, increased speed, improved accuracy, enhanced security. At FSSP we work over 16+ years in regulated markets, providing our deep expertise.
Electronic data interchange (EDI) is a standard format for exchanging business data electronically. It allows organizations to exchange documents, such as purchase orders, invoices, and shipping notices, with each other in a structured and automated way. EDI is commonly used in supply chain management, where it can help to streamline processes and reduce the need for paper-based communication. EDI can be used to exchange a wide range of business documents, including purchase orders, invoices, shipping notices, and more. It is typically implemented using specialized software that is capable of translating the data into the appropriate format for each trading partner. We, at FSSP have a vas expertise in creating and helping energy companies, nuclear power stations, and other government institutions. We can advise you on each stage of the development process.
Static data involves the transfer of the information regarding the product's characteristics, features, specifications such as expiration dates. This data cannot be altered or edited.
Position matching is another important aspect of energy trading and needs to be done quite often. With ePM, the process becomes speedy and reliable.
For settlement matching, eSM has proved to be a very innovative solution under EFET standards. It allows automation of invoicing and matching financial statements.
eCredit Matrix ensures the provision of accurate data of energy trading as per EFET standards. It helps in timely transactions and the collection of financial data.
eCM comes handy when confirmation matching needs to be done between EFET partners. As transaction volume is high, eCM is a potential solution.
Some other forms of electronic data exchange include Communications Standard and Certification Testing, both of which are highly significant for energy trading in Europe.
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