LISLE, Ill., July 15, 2019 /CNW/ -- CIMA Energy, a full-service oil and gas marketing and producer services company located in Houston, Texas, with a nationwide presence across North America, has recently joined the Energy Settlement Network from Aquilon Energy Services. CIMA chose ESN® to provide automation tools for their settlement teams as well as strengthen their cybersecurity. ESN is an innovative, cloud-based platform that brings digitalization and automation to the wholesale energy settlement process and helps energy companies significantly strengthen cybersecurity, improve cash flow management, and simplify audit and compliance reporting.
"ESN provides tremendous value to the daily activity of our settlement team by automating the settlement process," said Michael D. Rupe, Executive Vice President and CFO, CIMA Energy. "With ESN, our settlement team can collaborate more easily with our counterparties, manage our settlement information in a single location, and has real-time visibility to the status of each invoice in the settlement process."
ESN is the first and largest network for settling wholesale energy invoices. More than 1,000 companies – ranging from electric utilities and multinational oil and gas companies to Fortune 500 financial institutions – now settle energy transactions on the network. Since the network launched in 2015, members have settled more than 30 million wholesale power and natural gas transactions.
"We're happy to see another major oil and gas company join our rapidly growing industry settlement network," said Jeffrey Wagner, founder and CEO of Aquilon Energy Services. "The driver behind ESN's growth is the significant value it delivers to energy companies, introducing operational efficiencies to the settlement process. ESN members typically see 30% to 50% productivity improvement in settlement operations."
By digitalizing settlement operations, ESN enables settlement departments to settle more transactions faster and more securely than they can using manual processes. Settlement teams can identify discrepancies earlier and prioritize the resolution of payment breaks. And ESN helps prevent fraud and reduce the risk of lost or stolen data by making transactions transparent and traceable.
Aquilon Energy Services Inc. develops innovative software and service solutions for the energy industry The Aquilon team combines deep industry insights with advanced technology to bring reliable, collaborative solutions to the energy market. The firm's Energy Settlement Network (ESN®) enables energy participants of all sizes to manage, access and settle large volumes of power, oil and natural gas transactions with their counterparties. The company is based in Lisle, Illinois, and has an office in Houston. For more information, visit www.aquiloninc.com.