LONDON, January 29, 2013 /PRNewswire/ --
Xchanging, the business process outsourcing, information
technology outsourcing and procurement services provider and
integrator and has gone live with Phase 1 of Netsett, the new
global net settlement platform launched in September 2012.
The Netsett platform is the result of a partnership between
Xchanging and Deutsche Bank and is set to transform the way in
which global insurers and brokers transact financial settlements.
The platform seeks to replicate, on a global basis, the cash
liquidity and operational cost saving benefits from which the
London market has long benefited
through the Xchanging Ins-sure Services (XIS) central settlement
platform.
The first transfer of cash on the net settlement platform was
successfully carried out by RSA in late December. The transaction
is an important step in proving the capability of Netsett to
deliver transformation to the global insurance and reinsurance
markets.
Managing Director of Xchanging's UK Insurance Services
Max Pell said, "I am delighted the
system has successfully gone live on time and on budget. RSA and
Deutsche Bank have been extremely determined and focussed in
helping to bring about this early success. It's not often you get
the opportunity to be at the beginning of an initiative that has
the potential to be truly transformational for the industry."
Jason Roberts, Global Reinsurance
Finance Business Partner at RSA, said, "We are delighted to have
been involved with a project which will be so important for our
whole industry, and to be the first organisation to move real money
through Netsett. We now plan to put the product to full use, and
are expecting to see very substantial benefits across the RSA
Group."
Following the successful test, RSA now intends to process its Q4
2012 and Q1 2013 treaties through the system over the next three
months. At the same time Xchanging intends to bring new customers
onto the platform.
The second phase of Netsett, delivering full end-to-end ACORD
capability and a Ruschlikon compliant process, is due for release
in Q3 2013.
Michael Spiegel, Global Head of
Cash Management Corporates and Trade Finance at Deutsche Bank,
said, "We have a long-standing track record of providing innovative
transaction banking and capital market solutions to the global
insurance industry. Deutsche Bank is delighted to be a partner in
the Netsett initiative, which we believe will revolutionise the way
the industry processes premium and claims payments."
Xchanging
What we are
Xchanging provides business processing, technology and
procurement services internationally for customers across multiple
industries.
What we do
Xchanging brings innovation, thought leadership and passion to
its customers' businesses so as to enhance performance and value.
Our values are embedded into everything we do.
What we want to be
Xchanging wants to be regarded as the best provider in its
chosen markets by delivering services that are recognised for
outstanding quality, reliability and innovation.
http://www.xchanging.com
For further information, please contact:
Xchanging plc
Tim Yorke, Programme Director
tim.yorke@xchanging.com
Direct: +44(0)20-7780-5115
Mobile: +44(0)7796-018-299
Website: http://www.xchanging.com
Deutsche Bank
Paul Duffy, Director, Capital
Markets and Treasury Solutions
paul.duffy@db.com
Direct: +44(0)20-7545-1708
Mobile: +44(0)7876-342-264
Website: http://www.db.com
Deutsche Bank
Emmanuel de Resséquier, Head of Trade and Cash Solutions - NBFI,
EMEA and Head of Global Transaction Banking, France
emmanuel.de-resseguier@db.com
Direct London:
+44(0)20-7547-9398
Mobile: +33-6-22-09-1503
FWD PR
Richard Adams
richard.adams@fwdpr.co.uk
Tel: +44(0)20-7623-2368
Andrew Lyons
andrew.lyons@fwdpr.co.uk
Tel: +44(0)20-7623-2368
SOURCE Xchanging