Following a strong response to our latest enhancement to our platform, we have put together a list of FAQs as many of our clients wish to understand the new digital workflow in more detail. View the video below to see how simple it is:
- What is this feature?
The feature removes bilateral email communication to deliver all pricing quotes back on the enmacc platform. Our current off-platform clients are currently engaged for RFQ’s via our email distribution capability at which point engagement and subsequent quotes are not collected together with on-platform responses. This now brings everything from our off-platform clients back into our typical on-platform workflow, so clients can see all prices in the one environment, with no loss of relevant pricing data on any RFQs. View an example email here.
- What is the impact on my workflow?
For clients, you now have all quotes back on the platform and not in multiple places as before from email recipients of RFQ’s. Previously, off-platform clients needed to come back to you outside of our channel, losing aggregated visibility of responses and resulting in having to manage responses from multiple channels. Our new feature significantly improves and streamlines your workflow.
- How are prices from off-platform counterparties documented?
Off-platform counterparts transmit prices directly to the RFQ of the enmacc customer and will be displayed in your demand ticket alongside all responses. They will also be visible for you in the deal history as well. For the off-platform partner, they will additionally receive a confirmation of the submitted price by email.
- If a deal is executed with an off-platform counterpart, how do we ensure that the deal has taken place and is documented?
As always, the enmacc platform automatically and immediately sends a trade confirmation via email to all parties involved.
- Can an off-platform counterparty change their quotations?
An off-platform counterparty can change the price by entering a new one via the offered screen.
- Can I still manually enter prices from off-platform counterparties for my request?
We encourage all our clients to request off-platform participants to use our new feature so you have a seamless process. However, we retain the ability for you to add their prices responses into your RFQ if they do persist in using a phone or email.
- If I send several requests at the same time, does the off-platform counterparty receive all requests in one overview / on one screen?
Yes, the off-platform counterparty will see this group of requests in one overview. For example, if you create five RFQs to launch at a specific time then the off-platform partner will receive all the requests from the one email and link.
- What is a captcha check?
A captcha check is used to determine whether or not the user is human. It’s a way to ensure that the quotations our users receive are coming from a real trader
- Do off-platform counterparties have to register?
Off-platform counterparties do not have to register on enmacc. They can simply use the new channel you provide them through a link in the email, to send you a price.
- Why is the name of the initiator of the request not included in the email?
In collaboration with our clients, we decided to digitise the process with the off-platform counterparties. Our common goal is that you receive all your quotes directly to provide you with an even better trading experience. In order to make that work, we consciously decided not to disclose the full information in the email to reduce/remove the off-platform counterparties staying in their old habits of sending emails. The full information is only one click away: After receiving the name of the initiator now through the link, the off-platform counterparty can decide to adopt the new, secure and easy quoting process or resume to send an email.
- Why are off-platform counterparties not able to respond directly via email to the email inquiries by clicking on reply in their email inbox?
Sending a price on a request by email interrupts the digital process, so we consciously decided not to encourage the off-platform recipients to send emails back. Our goal is that you will also receive from your off-platform counterparties, as many prices in a fully digital process without any manual intervention by you.
Let’s further pursue the digitisation of energy trading processes. Even trading processes with off-platform counterparties can benefit from enmacc’s features.
Directly talk with them or inform us – we will be happy to make an introduction.
Contact us at firstname.lastname@example.org, chat or call us at +49 89-215 415 00!
Your enmacc Team