Financial Settlement System
Efficient transaction processing & reporting | Grimbsy FMA
We worked with Grimbsy Fish Merchants Association (GFMA) to modernise their existing processes with a bespoke financial settlement system.
Advantages of the Financial Settlement System
Accurate reporting
Error-free transactions
Access to historical data
About Grimsby Fish Merchants Association
Grimsby Fish Merchants Association (GFMA) was incorporated in 1911 to provide representation and support for the Grimsby fishing fleets, which today still provides up to 70% of chilled seafood sold in this country.
The Challenges of Manual Processes
No cash is used at the main fish markets, and the market relies on a system of IOU’s. At the end of the week, one of the Grimsby FMA’s main duties is to handle the settlement of these transactions. With such a high transaction volume, and only a small team to do it, a comprehensive and easy-to-use financial settlement software system was a necessity.
Transaction information for payments from multiple payers to multiple receivers had to be quickly processed at the end of the week. Some of these payments may even credit another debit payment, so the final balance owed needed to be calculated.
A selection of reports also had to be available, giving details of transactions made over various defined periods of time.
With only a small team to process these transactions, a simple to use financial settlement software solution that could quickly and efficiently handle the settlements and reports was required.
The Solution & Results
Triangle provided a bespoke Financial Settlement System which enabled the Grimsby FMA team to handle all the transactions and process them quickly. Transactions could be reconciled against the bank payments made by the merchants, and the software was also designed to store historic transactions, in addition to making membership data easier to access. Reports could then be produced on any data-set within the system, with reports for both payers and receivers, as well as membership based statistical reporting.
The system also includes a maintenance section to allow the team to maintain and edit changes to membership information.
Learn more about our bespoke software solutions here.