Xchanging, a technology services provider, and Deutsche Bank have launched accounting and settlement technology platform, Netsett. The platform is poised to address a $3trn global market.

The platform provides global accounting and net settlement. It enables the exchange and settlement of accounting information automatically and efficiently. It facilitates claims and data transfers within global insurance groups and between global cedents, brokers, and carriers.

“Netsett was developed using our experience of the London market and our unique partnership with Deutsche Bank," said Max Pell, managing director of Xchanging Insurance Services.

“This latest pilot is testament to the success of the proposition, and the confidence that our customers have in the service. We are pleased to be working with such respected names within the global insurance market.”

Netsett was successfully piloted with RSA throughout 2013, and increased the firms capital efficiency by 80%, streamlined operational efficiency by 50%, and increasde transparency and control for users, resulting in 0% unreconciled cash or ledger items, according to Xchanging.
 
A separate e-accounting pilot between carriers and brokers utilising peer to peer technology and processes is underway.