The first cycle of the new FIDI Netting system has officially concluded and, despite initial worries, has been a resounding success, says FIDI.
The first phase – which allows Affiliates to consolidate money owed and payable into a single monthly transaction between companies – ran smoothly and efficiently, with all participants in a net-payable position completing transactions on time.
The FIDI Netting Centre finalised payments to net-receivable participants yesterday (Monday February 17), marking a successful end to this inaugural round.
Welcoming the milestone, Jesse van Sas, Secretary General of FIDI, said: ‘Doing something very new for FIDI did test our nerves in the past few weeks. But after seeing this first cycle completed flawlessly, I (and the FIDI Board) are ecstatic about the results. Our FIDI Netting centre team has been outstanding – true professionals.’
FIDI said participation in its new system is growing, with this first successful cycle demonstrating its ‘efficiency, security, and cost-saving potential’. More members are encouraged to join and ‘benefit from simplified international payments, reduced bank fees, and improved exchange rates’.
For more information on how to get started, visit the dedicated Netting page on FIDINET (only for FIDI members).
