Deutsche Bank and Xchanging plc are pleased to announce their client, RSA Insurance Group (RSA), has been recognised in the prestigious Treasury Today Adam Smith Awards 2012 as “One to Watch”. This category includes any solution which is in development, has been implemented as a direct result of macroeconomic events or is particularly innovative.
RSA is working alongside Deutsche Bank, Xchanging and their partners on an innovative centralised accounting and net settlement solution for the global insurance market. RSA will be one of the first insurance companies in the world to use this solution in the early stages of its roll-out. The solution delivers a centralised, multi-currency engine to drive processing efficiency, capital efficiency, regulatory compliance and control into the management of the premium and claims flows between and within global clients, 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.”
Xchanging and Deutsche Bank are together developing the new service, supported by project managers Apex Business Consulting. The solution uses Xchanging mapping, translation and message handling technology, proven in the London Market with a central ledger engine that has been configured for the Insurance sector. These are underpinned by 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.
The project has the support of the International Underwriting Association and ACORD, the Insurance Data Standards organisation. The roll-out of the solution begins with a limited implementation in Europe during 2012.
For further information, please call:
Deutsche Bank AG
Press & Media Relations
Phone: +44 (0)207 547 6105
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:
Paul Duffy, Director Capital Markets and Treasury Solutions
Direct: +44 20 7545 1708
Mobile: +44 7876 342 264
Emmanuel de Rességuier, Head of TCS - Non Bank Financial Institutions EMEA
Head of Global Transaction Banking for France
Direct London: +44 20 7547 9398
Direct Paris: +33 1 44 95 63 00
Mobile: +33 6 22 09 15 03
Tim Yorke, Programme Director
Direct: +44 20 7780 5115
Mobile: +44 7796 018 299
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 more than 70 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.
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.
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