Deutsche Bank : Xchanging and Deutsche Bank launch Netsett Platform

LONDON, 9 September, 2014 - Xchanging plc, the business process, procurement and technology services provider, and one of the world's premier global banks, Deutsche Bank, have jointly announced the formal launch of the pioneering technology platform, Netsett.

The platform, which was developed in cooperation with Deutsche Bank, a market leader in FX transactions, provides global accounting and net settlement, using structured data to enable the exchange and settlement of accounting information automatically and efficiently. It facilitates the transfer of claims and premium data both within global insurance groups and between global cedents, brokers, and carriers, building upon the principles and benefits enjoyed by the London insurance market.

Awarded full ACORD certification in 2013, and winning Technological Initiative of the Year at the Worldwide Reinsurance Awards, the platform is poised to address a $3 trillion global market.

Netsett was successfully piloted with RSA throughout 2013, proving to increase capital efficiency by 80%, streamline operational efficiency by 50%, and increase transparency and control for users, resulting in 0% unreconciled cash or ledger items. This in turn leads to improved cash flow, operational savings, FX cost savings, and reductions in banking charges. As well as these financial benefits, it provides access to enhanced management information, and greater control over regulatory risk and compliance. The RSA pilot is now complete and has resulted in a further utilisation and roll out within the RSA group.

In addition, a separate e-accounting pilot between carriers and brokers utilising peer to peer technology and processes is underway.

The pilots have attracted significant attention in global insurance markets, and the Netsett team is in advanced discussions with a number of large global P&C carriers and brokers. This is in addition to an engagement with the General Insurance Sector to deliver a unique market solution for claims settlement processes.

Max Pell, Managing Director, Xchanging Insurance Services, comments: "Netsett was developed using our experience of the London market and our unique partnership with Deutsche Bank. This combined investment allows us to address global issues and offer an innovative solution to a worldwide audience.

"When we launched the Netsett pilot, we knew the offering had the potential to transform the insurance market. We are delighted with its success, and proud of the results that we have achieved. This latest pilot is testament to the success of the proposition, and the confidence that our customers have in the service. We are pleased to be working with such respected names within the global insurance market."

Michael Spiegel, Global Head of Trade Finance and Cash Management Corporates, Global Transaction Banking, Deutsche Bank, adds: "As a leading provider of financial services solutions to the insurance industry, we were delighted to leverage our existing platform strength and renowned FX capabilities to bring the best resources to this collaboration with Xchanging. This solution to industry-wide problems springs from our commitment to client-centric products and innovation, and will go on to provide transformational changes for the insurance sector on the strength of this partnership."

For further information, please contact:

Jenny Rushforth
Global PR Manager
Direct: +44 (0)20 3604 3060
Mobile: +44 (0)7920 781 736
E-mail: jenny.rushforth@xchanging.com

Gaël Gunubu
Tel: +44(207)5451374
Email: gael.gunubu@db.com

Jeena Nadarajan
Direct phone: +44 (0)20 7294 3629
E-mail:mailto:jeenan@lansons.com

Emma Beresford
Direct phone: +44 (0)20 7566 9714
E-mail:emmab@lansons.com

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/

Global Transaction Banking provides commercial banking products and services for both corporates and financial institutions worldwide, including domestic and cross-border payments, cash management, risk mitigation and international trade finance as well as trust, agency, depositary, custody and related services.

www.gtb.db.com