- Before
- “Show me who pays whom, what is still in dispute, and what it does to the run.”
- Now
- Opens the agents' briefing, asks what is left before she can approve, sees each option's effect on the run, and signs with a reason code.
One netting cycle, from the cut-off to a signed run
Kestrel & Vane Group nets intercompany invoices between 18 entities every month through its netting centre in Amsterdam. It is Thursday 15 October, 09:10 CET. Disputes and confirmations close at 12:00; the value date is Tuesday 20 October. Here is the cycle, screen by screen, in the working solution.
- 01Thursday, 09:10
The agents' briefing, and what needs her before 12:00
Isabel Moreno · Group TreasurerHer Today screen opens with what the agents did overnight: 414 invoices read from 18 entities, 405 of the 412 in the run matched, 3 of 7 disputes resolved with the entities and 2 carried to November. $86.0M is owed between entities; after netting it is 18 payments. 17 of 18 positions are confirmed — Mexico is waiting on dispute D-01.
Needs you: “Mexico has not booked a $230,000 credit note from the UK.” · Cut-off 12:00 CET · 2 h 50 min
- 02The matrix
Who owes whom, and the result after netting
Netting agentRows pay, columns receive: what each of the 18 entities owes another this cycle, in thousands of US dollars at the 09:00 indicative rates, with open disputes flagged. Beside it, one bar per entity — MX01 pays the centre $1,285K, US01 receives $1,862K. Above it, the three numbers that matter: $86.0M becomes $9.4M, 146 payments become 18, 132 currency conversions become 12 FX trades.
Check agent: “I rebuilt the run from both ledgers of every pair without seeing the netting agent's figures. It agrees to the cent for 18 of 18 entities.”
- 03She asks
“What happens if Mexico misses the 12:00 cut-off?”
Isabel Moreno and the netting agentShe asks in plain words, and the netting agent answers with its sources: the agreed $1,406,960 still settles and the $230,000 difference moves to November. Mexico would pay the same $1,284,600, because the agreed amount is the UK's figure — but its books would stay $230,000 apart from the UK's at month-end, and MX01 is escalated to its CFO and to her.
Every answer carries numbered citations that open the policy clause, ledger line or rate behind it.
- 04Before deciding
The consequence of a decision, before anyone makes it
Netting agent“What if D-01 is excluded from October?” The netting agent recalculates the matrix and the positions live: the whole MX01 → UK01 pair moves to November, Mexico would receive $122,360 instead of paying $1,284,600, and the UK would pay $1,088,360 instead of receiving $318,600. One click goes back to the agreed figures.
“Nothing changes until a person decides.”
- 05Dispute D-01
Both ledgers side by side, and the cause
Dispute agentUK01's receivable from MX01 is $1,406,960; MX01's payable is $1,636,960. Five invoices agree on both sides. The sixth line is credit note UK01-CN-26-0418 for commissioning milestone 3 — booked in the UK, not booked in Mexico. The dispute agent says the UK is right, with confidence 0.97, and has drafted a request to Carmen Ruiz, Mexico's finance controller, for Isabel to edit or send.
“The fix belongs in Mexico's ledger, not in the netting.”
- 06The evidence
Every number opens its source
Dispute agentEach citation opens the passage it came from. Service agreement IC-AGR-022 §6.3: a commissioning milestone missed by more than 14 days earns a credit of 15% of the fees for that phase. Line 4's phase fee is $1,533,333.33; 15% is exactly $230,000 — GBP 172,258.84 on the credit note, which reached Mexico's payables inbox on 30 Sep at 16:12 and was never processed.
“…the Provider shall issue a credit of 15% of the fees for that phase, by credit note, within 30 days.”
- 0709:31
She books it; the pair matches; the check agrees
Carmen Ruiz · Entity Finance Controller, MX01Isabel sends the request by portal and email. At 09:31 Carmen replies, books the credit note as journal MX-AP-2026-118204 (MXN 4,218,635.36) and confirms Mexico's position. The matching agent re-matches the pair — both ledgers now show $1,406,960 — and the check agent recalculates: positions unchanged, agrees to the cent, 18 of 18 entities confirmed.
Carmen Ruiz: “Found it, it was in the inbox with no owner. Booked as MX-AP-2026-118204 and I confirmed our position. Gracias.”
- 08Signed
Five checks pass; she approves with a reason code
Isabel Moreno · Group TreasurerRavi Menon prepared and submitted the run at 09:06; Isabel approves it — four eyes. The approval states what she signs: 18 payments of $9.4M net of $86.0M gross, 12 FX trades of $4.81M, including the MXN trade of $1,284,600, which is above the $1,000,000 single-trade limit and so part of her approval. She picks R2 · Approve with carried items, since $184,980 moves to November, and signs.
“I approve the October run as Isabel Moreno, Group Treasurer — e-signature, Thu 15 Oct 2026, 09:36”
- 09What happens next
Trades, payments, journals and reports, drafted — not released
Settlement agentWith the run approved, the settlement agent schedules 12 FX trades for the Friday 10:00 CET fixing and drafts 18 payments for Tuesday 20 October, 19 journals and 2 regulatory reports: Germany's foreign payments report and South Africa's balance-of-payments codes. Ravi Menon executes the trades on the best of three quotes and releases the payments with the bank token.
- 10Tuesday, 08:00
One payment per entity, in its own currency
Ravi Menon · Treasury Operations LeadTwelve entities pay the netting centre $4.70M and the centre pays six $4.70M. Every account is checked against the master record; CZ01's changed bank details were verified by call-back on 5 Oct. Release needs two people and the bank token: Ravi releases, a colleague in treasury operations confirms in the bank portal.
The agents never hold bank tokens and never release a payment or a trade.