This Modification seeks to update BSC Section N ‘Clearing Invoicing and Payment’ to support the effective running of the Funds Administration Agent (FAA). The Modification will align the BSC with Elexon’s updated financial systems and modern banking practices to increase the efficiency of service provided to industry.
BSC Section N ‘Clearing, Invoicing & Payment’ was written over 20 years ago and therefore some sections within it are now redundant and no longer align with modern ways of working (e.g. invoicing and banking practices). This results in inefficiencies and unnecessary constraints that may prevent additional benefits from being sought and realised. Additionally, the FAA systems are being rebuilt in a cloud infrastructure to provide scalability, increase efficiency, and enable integration with the finance system.
Therefore a review of BSC Section N seemed timely to align with this and was completed to determine if any improvements/benefits could be applied to enable any changes to the new FAA Service which are currently restricted by the Code, this was done under Issue 107 ’Review of Section N – Clearing, Invoicing & Payment’.