Elexon is launching a new Funds Administration Agent (FAA) on Monday 28 April 2025 — this is the system responsible for administering the transfer of funds between Parties under the Balancing and Settlement Code (BSC). This upgrade is a key part of our work to modernise and deliver a more streamlined self-service experience for customers.
What this means for you
Once the new system goes live, backing sheets will no longer be sent via email. Instead, you will need to access them directly via the Elexon Portal.
You’ll need to set up an account on the Elexon Portal if you haven’t already.
How to access the Elexon Portal and backing sheets
When the new Funds Administration Agent (FAA) system launches, we will no longer send copies of backing sheets by email. Instead, you’ll need to access them via the Elexon Portal.
What is changing?
There will be some noticeable changes to the billing documents you receive, summarised below.
Changes to Advice Notes and Confirmation Notices
- The current Advice Note will be replaced by an Invoice. The new invoice will detail Trading, Default and Ad-hoc charges. The new invoice will be the tax invoice and Confirmation Notices will no longer exist.
- The format of the invoice has been simplified to make it easier to read.
- The new invoice number will start with the letters INV. At the point that the new system goes live, the numbers will start again from 1.
The invoice will still be received as a PDF via e-mail once the Invoice Threshold has been breached. This is in-line with the current process.
Changes to backing sheets
- Backing sheets will be only be issued when there is a threshold breach or quarter dates, along with the associated invoice
- They will specify the related Invoice number
- Backing sheets will no longer be sent via e-mail. Instead, backing sheets will be available to download from the Elexon Portal
- A backing sheet is now produced for ad hoc charges and dispute references will be included for easier identification
Key benefits
- Reduces duplication
- Direct access to your financial information via the Elexon Portal
- The new FAA system reduces the risk of errors in the billing process
- User-friendly experience with clear and easy-to-understand backing sheets
About P466 ‘BSC Section N Modernisation’
In order to facilitate the change to the new FAA, this Modification aims to update BSC Section N ‘Clearing Invoicing and Payment’ to support the smooth operation of the system. It will align the rules with Elexon’s new financial systems and modern banking practices, improving efficiency for the industry.
FAQs
How do I receive my Invoice?
How do I receive my backing sheets?
In what format are backing sheets available for download?
Will historical backing sheets be available on the Elexon Portal?
Help and support
For any queries, please contact Elexon Support.