The collection of Joint Certificates is a long drawn process as it involves collecting the physical document from all locations involved in ‘Exchanges’, therefore the settlement/ reconciliation of exchanges is carried out only once in a month. During the period in which the dispute is resolved, a large amount of capital is withheld from the creditor thereby causing financial tight spots to the owing organization.
Oil & Gas companies face many challenges due to this time consuming and error prone process and this results in huge monetary losses to OMCs. Given the scenario, there was a requirement for a common messaging protocol that would enable message transformation while ensuring high availability, audit and governance for all these transactions.
Keeping the above challenges in mind, MindCraft in partnership with IBM developed an Automated Oil Exchange Framework for the OMC based on the IBM Process Server Platform. The solution integrates, routes and transforms all Oil Exchange Transactions while providing an operations console for tracking these transactions and enabling reconciliation and Joint Certificate creation.
The system is today running successfully at one of the largest OMCs of India.