Congratulations to RSA, Winners of the Treasury Today's Adam Smith Awards - "One to Watch 2012"
14 Jun 2012
London, 14 June 2012: Xchanging (XCH:LSE), the business process and technology services provider and integrator and Deutsche Bank are pleased to announce that their client, RSA Insurance Group (RSA), has been recognised in the prestigious Treasury Today Adam Smith Awards 2012.
This category includes any solution which is in the pipeline, has been implemented as a direct result of macroeconomic events or is particularly innovative. Previous winners include HP, Google and Adidas.
RSA are working alongside Xchanging and their partners on a new and innovative netting and settlement solution for the global insurance market, and will be one of the first insurance companies in the world to take part in the pilot programme.
The netting and settlement solution is to design, deliver and implement a centralised, multi-currency engine to drive processing efficiency, capital efficiency and control into the management of the premium and claims flows between global cedents / brokers and carriers.
William McDonnell, Group Financial Controller at RSA, comments: "We are delighted to have been recognised by Treasury Today as pilot partner for this pioneering solution. We are enthusiastic about its potential to generate a range of significant benefits both for us and for the global insurance market. This award is a testament to that potential."
Designed by Xchanging, powered by Deutsche Bank
Xchanging and Deutsche Bank are working together, supported by project managers Apex Business Consulting to develop the new service. With support from the International Underwriting Association and ACORD, Xchanging and Deutsche Bank are validating the potential benefits of a service similar to those which support the London Market, but for global open market insurers. RSA will be one of the first to test this solution beginning with a pilot implementation in Europe during 2012.
The solution uses Xchanging mapping, translation and message handling technology, proven in the London Market to enable mass participation, alongside Deutsche Bank's global transaction banking, clearing and FX capability, to power the netting and settlement process and facilitate a single netted payment for all counterparty liabilities in each settlement cycle.
For further information
For a more detailed briefing on the Central Accounting and Net Settlement Service, or if you would like to express an interest in participating in the pilot, please contact:
Tim Yorke, Programme Director
Direct: +44 (0)20 7780 5115
Mobile: +44 (0)7796 018 299
Paul Duffy, Director Capital Markets and Treasury Solutions
Direct: +44 (0)20 7545 1708
Mobile: +44 (0)7876 342 264
Tel: +44 (0)20 7623 2368
Tel: +44 (0)20 7623 2368
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.
About Deutsche Bank
Deutsche Bank is a leading global investment bank with a substantial private clients franchise. Its businesses are mutually reinforcing. A leader in Germany and Europe, the bank is continuously growing in North America, Asia and key emerging markets. With more than 100,000 employees in 72 countries, Deutsche Bank offers unparalleled financial services throughout the world. The bank competes to be the leading global provider of financial solutions, creating lasting value for its clients, shareholders, people and the communities in which it operates.
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