Achieving Business Continuity for Treasury Operations
At Fides, we take pride in our service and the satisfaction levels of our customers. One long-term customer is The AES Corporation. We have worked with AES since 2005, helping them to aggregate, validate, and standardize transaction data and communications.
The AES Corporation is a Fortune 200 global power company that provides affordable, sustainable energy. AES and its subsidiaries operate in sixteen countries over four continents, generating, selling, and storing electricity.
Back in 2005, AES had financial operations in 45 countries, with more than 750 accounts reporting electronically. The company needed a solution that would aggregate their bank and transaction information worldwide, standardize formats, and automatically deliver it to their central treasury management system.
AES turned to Fides, and within six months from starting the implementation process, had 80% of theirs banks onboarded. They have now been a satisfied customer for more than twelve years.
Now, AES effectively outsources all of its banking interfacing to Fides. The company uses the backend account reporting services that Fides offers. For payment execution, AES uses the same process – but in reverse. The files are automatically converted into the format required by the originating bank by Fides parsers, and transmitted as if there were a direct host-to-host connection with that bank.
“Fides has a long history of being a creative programming organization,” says Lawrence Hirsh, the assistant treasurer at AES Corporation who spearheaded the project. “If you ask the right questions you can have Fides develop programming to meet almost any banking need.”
AES was able to achieve straight-through processing due to their Fides implementation. Whether it’s bank statements coming in or EFT payments going out, Fides is effectively a real-time system. There’s no lag beyond maybe a minute.
In the twelve plus years that AES has worked with Fides, their connectivity has never been down other than for scheduled maintenance, which always happens on weekends. Hirsh refers to our team as “rock stars,” saying that as a partner, Fides is as robust as one would always hope a system or partner would be.
“Fides has consistently demonstrated creative problem solving to help achieve our goals. We’ve really benefitted from the value-added service they have provided over the years,” Hirsh adds.
For more information on how The AES Corporation uses Fides, read the case study.