As FIDI launches its netting system for Affiliates, we speak to three Affiliates about why they welcome this momentous development
Marcel Jörg, Gosselin, and FIDI Board member
‘Packimpex was part of the Harmony network and benefited from netting services for many years. With the ownership change to Gosselin, we left the network and, therefore, the netting service. Never ever did anyone expect the massive increase in work that this triggered. The time spent agreeing offsets with your agents through email ping-pongs across the world is tremendous.
‘In our line of business, every penny counts. The reduction of bank fees and foreign exchange spreads is a nice benefit of netting. I weigh the benefit of the simplification of the process that netting brings to FIDI agents even higher though.
‘Netting brings a monthly routine or rhythm to the international payable and receivable settings. It brings massive simplification, stopping the financial disconnect between FIDI agents.
‘Using netting services is a bit like owning an electric toothbrush. You never knew you needed one until you have one. Once you have it, you will never go back to manual.’
Laura Ganon, CEO of FINK Mobility
‘As the CEO of FINK Mobility, a proud FIDI Affiliate since its inception, I have long advocated for innovative solutions that simplify processes and boost efficiency. One of the most exciting developments on the horizon is the implementation of the FIDI netting system, and I couldn’t be more enthusiastic about its potential to revolutionise how we handle payments within our community.
‘Netting is a game-changer. In a global industry such as ours, where international transactions are common, payment complexities can slow down operations and increase administrative burdens. With cost pressures mounting, movers are constantly seeking ways to optimise processes and reduce overheads. This is precisely where the netting system comes into play.
‘By consolidating payments into a single monthly transaction between companies, the system simplifies the entire process. Instead of dealing with multiple international transfers, businesses will have a much clearer view of their financial obligations and receivables.
‘This is not only a huge time-saver, but also leads to significant cost reductions. Bank fees, currency conversions, and administrative work will all decrease, allowing companies to focus more on delivering excellent services rather than managing complicated financial logistics.
‘For the FIDI community, this brings numerous benefits. As a collective, we thrive when our processes are smart and transparent. Netting enhances cash-flow predictability, reduces payment risks, and strengthens relationships between members by ensuring smoother financial exchanges. Moreover, it reinforces FIDI’s commitment to providing its members with solutions that keep pace with the evolving business landscape.
‘In today’s economic climate, where every cent counts, the introduction of netting couldn’t have come at a better time. It’s a bold step forward that reflects the modern needs of our industry. I am excited to see the positive impact it will have on FIDI Affiliates around the world.’
Dirk Ellermann, Managing Director, Paramount Transportation Systems Europe
‘This is the next milestone benefit for being a part of FIDI, providing seamless, strong cooperation within our community.
‘In today’s globalised economy, netting is becoming increasingly important for businesses to manage costs and maintain efficient financial operations. For FIDI members, it’s a valuable tool for simplifying international transactions and strengthening relationships within the community. Netting minimises transaction and wire fees, and foreign exchange costs by taking advantage of FIDI-negotiated rates on the totality of currencies needed per monthly netting.
‘It is also a tremendous time-saver for each of the participating FIDI members. Netting simplifies and accelerates payment processing, reducing administrative workload, reducing delays because of email communication with each vendor or partner, and improving efficiency. In addition, it enhances liquidity, provides a clear picture of cash flow, and optimises liquidity management.
‘The FIDI netting system will mitigate the risk of late payments, non-payment, and errors in international transactions. Although FASI provides some degree of non-payment protection, full coverage/insurance on the receivables will encourage more members to participate in the payable-driven netting. It will also promote increased business growth and engagement between participants.
‘We believe this takes the family of FIDI members to the next level of cooperation within the network, and it will strengthen the relationships within the FIDI community.
‘We are very thankful to all the colleagues involved in this project. This is a great achievement and we are really looking forward to seeing how this success story continues.’
