Xchanging, the business process, procurement and technology services provider and integrator, unveiled Netsett, an accounting and net settlement utility, to the U.S. market this week at the ACORD LOMA Forum in Las Vegas.
The Netsett platform is the result of a partnership between Xchanging and Deutsche Bank and seeks to replicate, on a global basis, the cash liquidity and operational cost-saving benefits from which the London market has long benefited through central settlement platforms.
“The global (re)insurance market is an increasingly complex and regulated business, and crucial to the success of the market is the management of contractual performance and cash flow between brokers, including effective management across borders and currencies,” said Max Pell, managing director, Xchanging UK insurance.
The launch on Tuesday follows a roll out in Asia in February, as well as the successful completion of phase one in the United Kingdom in January. The second phase of Netsett, delivering end-to-end ACORD capability and a Ruschlikon compliant process, is due for release in Q3 2013.
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