EFET Electronic Data Interchange

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. FortySeven Software Professionals has deep expertise that can share with you and help to move your business forward.

Frequently Asked Questions

European Federation of Energy Traders (EFET)

European Federation of Energy Traders (EFET) largely emphasizes the use of IT for the standardization of electronic data exchange within the energy market.

Electronic data exchange has appeared to be faster, efficient, and quite cost-effective for businesses operating in the energy sector. In this fast-paced, electronic world, the exchange of data within and among businesses is an important business need and requirement.

Electronic Data
Interchange (EDI)

Electronic Data Interchange (EDI) is the electronic transfer of documents between companies. Commonly known as electronic data exchange, it is the exchange of business documents from computer to computer. The electronic format used in EDI is the standard set by EFET.

Benefits For Businesses

EDI has proved to be largely valuable for businesses. It is cost-effective, speedy, accurate, and business efficient. It increases visibility by reducing the cost you need to spend on manual document exchange.

What Do We Offer?

With several EDI benefits, you should know that EDI comes in different forms. As per standardized electronic data exchange, there are various tools and applications that you can deploy, such as:

Static Data

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.


Electronic Position Matching (ePM)

Position matching is another important aspect of energy trading and needs to be done quite often. With ePM, the process becomes speedy and reliable.

Electronic Settlement Matching (eSM)

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

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.

Electronic Confirmation Matching (eCM)

eCM comes handy when confirmation matching needs to be done between EFET partners. As transaction volume is high, eCM is a potential solution.


Other type of Data Exchange

Some other forms of electronic data exchange include Communications Standard and Certification Testing, both of which are highly significant for energy trading in Europe.

1. Business value

Overall, the implementation and use of EDI as required by EFET add a lot to the business value. As business processes get automated, the employees need not spend time, effort, and resources on manual data exchange. When employees focus on other important niches, business value greatly improves.

2. Real-time visibility

Electronic transfer of data ensures real-time visibility. This does not only offers timely exchange but faster decision making and enhanced responsiveness. The businesses can integrate and coordinate well and, thus, stay up-to-date with market trends.

3. Sustainability

EDI offers sustainability and helps fulfill another important goal of EFET i.e., low carbon emissions. With the help of EDI, the use of paper and other such resources is eliminated. Using electronic transfer as an alternative to paper-based exchange, better sustainability is achieved.

4. Cost-effectiveness

By eliminating the cost of paper, printing, postage and document retrieval, etc. EDI has come to be highly cost-effective. With EDI, a single order process costs $1.35 only while the manual process takes $38.


5. Speedy and accurate

With 30 to 40% elimination of human errors, data quality is improved, and thus, more accurate data is collected. Moreover, EDI increased business efficiency as business cycles improve its speed by 61%.


Are You Looking For EFET Electronic Data Interchange?

Related Services

IT Outsourcing Services

What is IT Outsourcing IT outsourcing is using external service companies to provide and deliver IT outsourcing services to businesses and providing custom software for businesses. IT outsourcing includes cloud solutions, support solutions, and web development. However, outsourcing companies are committed to developing sourcing strategies. When it comes to businesses, outsourcing is a good option…

Learn More

Web 3.0

What is Web 3.0? Web 3.0 is a term used to describe the next phase of the development of the web characterized by disruptive technological advancements. Web 3.0 is an advancement of the current web 2.0, which evolved from web 1.0. the main characteristics of Web 3.0 are the enhancement of the back-end of the…

Learn More

Minimum Viable Product

What is a minimum viable product? A minimum viable product (MVP) is the simplest and most basic version of a new product that a company releases to gather market information to inform the development of the subsequent versions. Companies develop MVPs to get a product with the basic functionality to get customer feedback at minimal…

Learn More
View All Services

Related Expertise

Vue.js Development Services

What is Vue.js? Vue is an open-source JavaScript framework for developing interfaces and single-page applications. It is built on HTML, CSS, and JavaScript, which helps you build interfaced through building blocks. Vue supports component-based development where different parts of the interface are built as components. This enables efficient and fast development as these components can…

Learn More

Smart Contract Security Audit

What Is a Smart Contract A smart contract is a self-executing contract with an agreement between the seller and buyer being directly written into lines of code. The agreements and the lines of code contained therein exist across all decentralized, distributed blockchain networks. The lines of code control the execution, and transactions are irreversible but…

Learn More

Solidity Development Company

What is Solidity and where is it used Solidity is an object-oriented and high-level programming language used to create smart contracts for automating transactions on various blockchain platforms, most notably Ethereum. After it was proposed in the year 2014, the programming language was specially created and developed by contributors to ethereum projects and other blockchain…

Learn More
View All Technology Expertise

Reasons to choose FortySeven Software Professionals

Our development process is the natural evolution of a software process to support today’s changing business environment. We believe that every project should be dealt with a fresh approach. Our industry knowledge allows us to deliver solutions that solve business challenges in 40+ industries. Working closely with you, we define your needs and devise effective automation tool concepts, knowing how to implement these concepts and integrate them according to your specific needs.

More than 12 years of successful global IT outsourcing and our customer’s business augmentation.
Business communication
We are compliant with ISO 9001:2015 on Quality management systems and ISO 27001:2013 on Information security management system.
Deep Technology Expertise
Our specialists have a vast business and technology expertise and can develop complex solutions.
Full IP Control
We transfer full control over Intellectual Property Rights to you each month.
We manage projects using software for tracking progress and time. This gives you full control throughout the development process, making progress and billing fully predictable.

Cooperation Models

We have defined each framework with one sincere belief that an engagement model is what that defines a successful collaboration between you and us. Nevertheless of chosen model, you will have the total control, transparency and flexibility over delivery and the budget during the whole development process.

Project Based

This approach doesn't give the flexibility to you, but it can be used by government or other companies, corporations, individuals if the requirements are clearly defined and all the specifications of the project are known in advance. The involvement of the customer is limited. During the development process, the requirements can’t be changed, any changes will lead to additional fees and make the price of the project not fixed anymore.

  • Most suitable for small-size projects.
  • Based under the Waterfall approach.
  • Strict rules on the specification changes.
  • Used for projects when all software requirements specifications are clear and predefined.
Learn more

Outstaffing Time and Materials

This model is based on the rapidly evolving business and technology world. You are able to make changes on the go and pay for the time the development team spends actually working on your product. We will provide you with pre discussed amount of software engineers and IT specialists required for realization of your project of any size. Each iteration is planned together with you before its implementation, that gives you total control over the deliverables and the budget.

  • Well-adapted to various kinds of projects from small MVP to complex software engineering solutions.
  • Full participation and control over the whole development process.
  • Flexibility on your side, you are able to make changes on the go.
  • Based on Agile approach, Scrum, Kanban or other methodology can be used.
  • Choose if the time-to-market is important for you.
Learn more

Dedicated Development Team

This cooperation model allows companies, corporations or individuals to augment their software development capacities. You get the access to human resources like software engineering specialists, devops, QA engineers, technical writers, designers, project managers etc. who will work on your project using your software tools and selected methodology. Our IT specialists can work in synergy with your existing IT department.

  • Full Intellectual Property Rights every month.
  • Highly educated employees.
  • Multi language software engineering and management teams.
  • ISO 9001:2015 on Quality management systems.
  • ISO 27001:2013 on Information security management system.
Learn more

Do You Need EFET Electronic Data Interchange Development Services?

Contact an expert