Settlement Matching

The mission of this workgroup is to facilitate the creation of a solution that will enable counter-parties to electronically match invoices for paper trades. This workgroup is working to create industry standards that will support efficiency and automation. The workgroup is also investigating opportunities to streamline business to business processes relating to physical trade, for example the automation of pipeline book-outs.

March 2008--The workgroup has made the following progress so far:

• Identified a partner to design and develop the solution and to host or operate the matching service for paper trades
• Commissioned a 50 page design document from EFET for a solution named eSettlementMatching (eSM) that will enable counter-parties to electronically match invoices
• Reviewed the design document and offered input and guidance
• Commissioned an outline business process design for the automation of pipeline book-outs from Transport 4.
• The workgroup has planned the following next steps
• Review outline business process for book-outs and offer input and guidance (next conference call March 12)
• Continue to support eSM design effort (eSM working meetings are scheduled for March 26 in London and April 23)
• The latest timeline shows a target release date for the eSM software of October 2008. This will be followed by software acceptance testing, feedback and potential go-live before the end of this leap year 2008.