Xchanging launches pilot reinsurance and accounting settlements service
Xchanging, in conjunction with Deutsche Bank, has launched the pilot phase of its global reinsurance and accounting net settlement service, Netsett.
Netsett uses structured data to enable organisations to exchange and settle accounting information, and builds upon the principles and benefits enjoyed by the London market, making net settlement available to the open market.
Max Pell, managing director at Xchanging, said that the solution enables organisations to exchange ACORD messages for both premiums and claims. Deutsche Bank will handle all client money and power a settlement cycle that will enable financial transactions to be netted between participating counterparties.
Dan Ferguson, treasury manager at RSA believes that Netsett has the potential to address long-term issues in the management of balances across multiple currencies between counterparties.
“We believe it will improve the management of our cash-flow, reduce demand for liquidity, especially in volatile currencies and reduce our exposure to FX risk. This is in addition to the efficiencies that we will gain from using structured data rather than manual processes to agree and settle balances between our subsidiary balances,” he said.
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