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Xchanging expands in Asia

Veronica C. Silva | March 26, 2013
Business technology provider brings insurance and procurement products to regional industries.

A global provider of business process, procurement, and technology services recently announced its expansion into Asia by bringing some tried-and-tested solutions from its London experience.

Xchanging, with a global footprint in key cities in Asia Pacific, North America and Europe, said it is bringing its Netsett and Vault solutions for the insurance market and the procurement services industry in the AP region. 

The solutions have been tested in the London insurance and procurement sector where customers have already noted improved project workflow tracking. 

Netsett is a netting and settlement solution, which Xchanging said, is designed to improve the accounting and settlement of payments in the global insurance and reinsurance community. This helps address the complexity of a highly regulated insurance industry.

"By simplifying the netting and settlement between entities, the platform allows insurance groups to reduce the amount of working capital needed while improving transparency and control," Xchanging said.

Cost savings

Vault, on the other hand, is a procurement platform for sourcing project workflow across the organisation. Xchanging said the solution helps procurement officers monitor business needs through project milestones so that cost savings can be tracked.

Xchanging said both Netsett and Vault help companies comply with international standards.

"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," said Joe Poon, president, Asia Pacific, Xchanging.

Xchanging said it has brought the solutions to the AP region as part of the company's commitment to industries in the region. The company said that the growing offshoring and the expansion of global businesses in the region has prompted it to invest more resources in the AP region.

Along with the availability of its core solutions, Xchanging said it has also beefed up its manpower and resources pool in the region with 30 percent of senior executives in the region as new hires. The company said this investment is in response to the demands from industries in the region.

Xchanging has 4,500 staff in 18 offices in the region to serve more than 250 clients. 

 

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