Business process, procurement and technology services provider, Xchanging plc has partnered with Deutsche Bank and five key clients to launch Netsett, a platform that provides global accounting and net settlement support. The Netsett platform launched in 2012 and significantly lowered the number of steps and people involved in each transaction. It reduced the settlement cycle from six weeks to two weeks, cut bank charges and was able to decrease the payment workflow process by close to 80%.
In addition, a letter of intent was signed by a top global insurer to pilot the Netsett global platform in five of its business units on three continents: North America, Asia and Europe.
The five clients participating in the pilot platform for inter-company processing are: Willis; Cooper Gay Swett & Crawford; and Ruschlikon UK members Ace, XL Group and Generali.
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