With Lloyd's Managing Agents and London Market companies already able to receive premium transactions from Xchanging in structured data form, the roll out of eAccounts enabled the 'Straight Through Processing' of premium transactions within the Market, and introduced the Xchanging Carrier Accounting Entries Service ("accounting splits") that allows brokers to submit premium transactions at a more summary level than has been the case in the past.
Structured ACORD Technical Account (TA) and Financial Account (FA) messages for premiums can be sent from broker's systems to Xchanging, accompanied by un-structured scanned documents (via the IMR). This moves on from paper submissions or scanned LPANs (A&S using the IMR).
Technically, Xchanging introduced the APIX layer which replatformed some Xchanging data entry from mainframe to newer technology.
The Carrier Accounting Entries Service (CAES) is built on the APIX layer and allows the broker to submit premium transactions at a 'fundamental level', before Xchanging technicians split premium down to a 'non-fundamental level'. Centrally, this service can be performed for the whole market and helps to remove what was once considered to be a negative "Londonism". The Carrier Accounting Entries Service is described here.
Benefits include the fact that eAccounts premium transactions attract far fewer queries and corrections than broker submissions via paper or scanned LPANs, creating time savings for all market participants. This is being monitored by the 'right first time' statistics presented by the LMG.