SINGAPORE, March 21, 2013 /PRNewswire/ --
Netsett - Global reinsurance and accounting net settlement service
Vault - Technology-enabled procurement platform designed to manage sourcing project workflow
Xchanging, the business process, procurement and technology services provider and integrator, today announced a strategic commitment to grow its Asian capabilities by introducing two core offerings, Netsett and Vault, in the region as part of its global services. These solutions are built upon the principles and benefits enjoyed by both the London insurance market and organisations using procurement to improve project workflow tracking respectively.
Streamlining cash flow for insurance carriers and tracking cost savings
The global reinsurance market is an increasingly complex and regulated business. Based on an existing service in the London insurance market, Netsett, a netting and settlement solution, was designed with the aim of improving the accounting and settlement of payments between participants in the global insurance and reinsurance community. By simplifying the netting and settlement between entities, the platform allows insurance groups to reduce the amount of working capital needed whilst improving transparency and control.
Following its initial launch in 2012, Xchanging is also introducing Vault to the South East Asia market. Vault is a technology-enabled procurement platform designed to manage sourcing project workflow across organisations. Vault measures, tracks and reports realised savings at both a commodity and business unit level. A common complaint among Chief Financial Officers is that they do not have sufficient insight into projected savings from the management information currently provided by Chief Procurement Officers. Vault enables organisations to capture business needs and monitor them throughout project milestones to track savings to the bottom line.
"As more multinational companies expand into Asia, they require global standards to ensure that their businesses are aligned with regulatory compliance," said Joe Poon, President, Asia Pacific, Xchanging. "Netsett and Vault are platforms that not only provide businesses a methodology to improve their efficiency but also ensure that there are clear structures and systems in place to measure results and support business outcomes."
In response to the region's growing demand for its core offerings, Xchanging has invested heavily in its manpower and resources. About 30 percent of Xchanging's current senior executive team in the region are recent hires from diverse backgrounds. This reflects the goal of a fast growing company aspiring to meet the market demands for innovation in the industry.
Xchanging Asia Pacific
With a headcount of 4,500 in 18 offices, servicing over 250 clients, Xchanging Asia Pacific has been growing its customer base in the recent years, fuelled by offshoring and expansion into Asia. Its footprint currently stretches to include Singapore, Australia, Malaysia, India, and Japan, with clients also in Thailand and Indonesia. In 2012, Xchanging announced a joint venture in the region with YTL Corporation Berhad. Other major client wins include one of Germany's largest banks and two of the largest global reinsurance providers.
The company announced its financial results for the full year ending 31 December 2012 on 28 February. The results showed year-on-year improvement in financial performance on all key performance indicators. The company's organic revenue grew by 5.6 percent on a like-for-like basis and full year cost efficiencies were delivered as planned.
What we are
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.
For more information, please contact:
Tim Hymans, Global Head of Marketing
LEWIS PR for Xchanging
Gina Daryanani/Pamela Philip
Xchanging@lewispr.com Direct: +65-6571-9154