The AES treasury department was tasked with building a strategic plan and implementing a treasury system that had global visibility into banking and cash. They wanted to split the banking portfolio into two pieces: one provider acting as a service bureau for bank connectivity, and a separate ERP provider, to have more flexibility for future growth. Their short list for connectivity providers came down to Fides and a global bank.
One area that AES needed assistance with is prior day bank statement delivery. The individual banks that AES connects with fall into three categories: SWIFT, BAI, and “neither one”. The latter produces consistently formatted bank statements, but the actual formats differ from bank to bank, making delivery a challenge. Banks simply are not able to work with all these different formats – but Fides can.
Für Banken ist es schlichtweg unmöglich, mit diesen zahlreichen verschiedenen Formaten zu arbeiten – doch Fides kann dies bewältigen.
When a bank was not able to provide a SWIFT or BAI file, but could provide another type of format consistently every day (such as a .csv or even a PDF), Fides was able to write a parser specific to that bank or bank branch that will read and convert their format into the format of the client’s choice – for example, SWIFT MT940 – and deliver it to AES’ treasury system. Within six months of implementation, eighty percent of AES’ banks were on-boarded through Fides.