OPINION Every user we know who is involved in a group netting system is enthusiastic about the payment tool On top of this, as a participating mover you will know exactly when and how much you will be paid, which will greatly help your cash management. Meanwhile, your company accountant will be freed from a lot of dull admin work on bank transfers and FX management, and can turn his/her attention to the more rewarding task of accounting analytics. Every user we know who is involved in a group netting system is enthusiastic about the payment tool. Not only in terms of the considerable financial savings, but also for the reduced workload and improved cash management. Your representatives to the Delegates Meeting and the FIDI Board are jointly looking into this payment tool, and are assessing whether this could be an exciting and beneficial instrument to offer FIDI Affiliates, to streamline administration and processing times for them; give access to competitive exchange rates; reduce time spent on collecting invoices; and simplify the timeconsuming process of transferring money to trading partners worldwide. This is obviously not without risk for FIDI. The newest EU legislation on payment services would put a great deal of the liability on FIDI if it took on the role as a netting entity. FIDI netting would also require commitment from all our Affiliates, with the exception of those in a few countries where offsetting is not permitted by law. The development and related legal advice would have a considerable cost to your organisation, but the rewards are greater than the investment, with 100 per cent going to Affiliates. FIDI netting would strengthen FIDI and our membership. It would lessen the risk for our FASI fund and enable FIDI to detect financial concerns at a much earlier stage. So yes, your Delegates and FIDI Board are in favour of looking into this development , bringing significant benefits for our Affiliates. However, we do need your views on this, and need to know if you would be willing to take advantage of such a netting system. Netting works beautifully, providing we have significant take-up by our membership, including the bigger bookers, of course. So do please get back to us with your thoughts. FIDI is perfectly willing to invest time and resources in setting up a netting system for the membership if there is the appetite for us to do so. It will be a very beneficial tool, if used by all. Netting benefits: the fundamentals Before netting After One payment, in home currency per participant and period 20 FF300 DecJan21 pp18-21 Jesse Opinion.indd 20 WW W. F I D I FOC U S . OR G 24/11/2020 10:56