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.
About Xchanging
What we are
Xchanging provides business processing, technology outsourcing
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.
http://www.xchanging.com
For more
information, please contact:
Xchanging plc
Tim Hymans, Global Head of
Marketing
Tim.Hymans@Xchanging.com
Direct: +44(0)207-780-5137
Mobile: +44(0)7917-270-625
LEWIS PR for Xchanging
Gina Daryanani/Pamela Philip
Xchanging@lewispr.com Direct: +65-6571-9154
SOURCE Xchanging
