We have been watching as vendors across the commodities space reported good sales pipelines and activity in CTRM and related software markets. Amongst those vendors doing well under such conditions is the FIS energy team, who are quietly having a great year according to Todd Wolk, FIS’ Head of North American Trading and Risk Management Sales (Energy/Commodities). “FIS energy continues to prosper through 2021 with double digit new client signings (including in areas such as LNG and RINS), numerous customer upgrades, shifts to the Cloud, as well as many critical operational projects completed,” he told ComTech recently. “We’ve already exceeded our full year 2020 results, within the first three quarters of 2021, a great place to be entering what is normally our best quarter”. Apparently, the 2021 deals count as some of the largest for FIS’ Cross Asset Trading and Risk Energy business that the company has ever signed and are mostly in North America where the business has had a great deal of success over the last few years.
Kevin Mossop, FIS energy global development manager told us that, “Our doubling down on gas, plus expansion to support ESG initiatives has led to a great 2021, positioning us well for years of growth.” This includes a great deal of work around ESG and RINS (A Renewable Identification Number or RIN is a serial number assigned to a batch of biofuel for the purpose of tracking its production, use, and trading as required by the United States Environmental Protection Agency’s Renewable Fuel Standard (RFS)). FIS Cross Asset Trading and Risk Energy business has been working with partners in this area with respect to the data underlying RINS and in areas like position keeping. It has also been working diligently on the technology side, Kevin said, with things like containerization and cyber security, where it considers itself the leader, as well as other functional areas for customers. It has continued to broaden its commodity coverage as well allowing it to move into the LNG, chemicals, and C&I segments and make gain new business there as a result.
Todd told me that he believes FIS markets the industry’s premier Natural Gas System these days. “We continue to attract additional supply and transport providers as FIS offers the only interoperable marketing and midstream solution – the FIS differentiator. Additionally, we continue to expand our solutions providing full coverage of LNG and chemicals for the C&I industries with those new customers going live before the end of the year.” As he points out, FIS sometimes gets pigeon-holed into the ETRM space, but it also has a FERC-approved pipeline midstream solution and good coverage in the interoperability area between trade and transportation, as well. The FIS Commodity Risk Manager solution is also doing well and that translates into a strong year for FIS in commodities.