EDF Trading Ltd has selected Esker Fax software to provide a single enterprise fax solution for its confirmation process, a critical data exchange process with counterparties and brokers. The solution will allow EDF Trading to scale up transaction volumes and minimise operational risk on multi-million euros deals.
EDF Trading Ltd, rated A3 by Moodys, is the trading arm of Electricit de France, one of the worlds leading electrical utilities with an installed capacity of 102,000 MW in France as well as significant investments across Europe and the World. EDF Trading is widely recognised as a leading energy trading organisation in Europe and one of the foremost energy traders in the world with its core markets of power, gas and coal.
Esker Fax enables EDF Trading to deploy fax as a key strategic communication channel. It provides the company with a single enterprise-wide fax solution, enabling it to send and receive faxes from virtually any enterprise application in this case, its bespoke trading platform. Esker Fax allows EDF Trading to send, receive and route high volumes of end-user and application-generated documents, including confirmation, all from a single server and without any modification to its existing applications.
"Fax confirmation isnt just a nice-to-have for us, its a legal requirement," said Gary Gleeson of EDF Tradings Information Technology department. "To send confirmation to counterparties, its critical that the fax server integrates with our main bespoke in-house trading platform. We record deals into our trading system and the confirmations are issued via fax to the counterparties. Its an absolutely critical part of the process for us to know that an accurate confirmation has been sent in a timely manner. If we dont do this, the penalties can be severe, so it has to work one hundred per cent. As a trading organisation we need a comprehensive auditable paper trail so we can not only track every stage of transmission, but have a record of each stage of the confirmation status. Esker Fax gives us all of that functionality in one solution."
Using Esker Fax, EDF Trading has been able to move its fax operations from a bank of disparate fax machines to a single enterprise fax server. On the contracts administration side it has freed up people and the company has saved the costs of fax machines, paper, toner and support and maintenance. Added Gleeson: "The estimated savings on replacing two of our busiest fax machines was 3,500 over one year. From business users perspectives, automation means it is all being done for them. The whole process is now tailored exactly to the way they work that in itself represents time savings and increased efficiency and productivity."