Xchanging has unveiled Netsett, the global accounting and net settlement utility, to the U.S. market at the ACORD LOMA Forum in Las Vegas.
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 central settlement platforms.
The launch on Tuesday follows a roll out in Asia in February, and the successful completion of phase one in the UK in January. The second phase of Netsett, delivering full end–to–end ACORD capability and a Ruschlikon compliant process, is due for release in Q3 2013.
Max Pell, Managing Director, Xchanging UK Insurance commented: “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.
Netsett is a major innovation for Xchanging and I am delighted that our US customers are now able to take advantage of this utility, which in simple terms facilitates faster payments with less transactional costs as well as increased control and greater adherence to regulation and compliance.”