Meet Jim Mann, IT supremo, and ask him what has been going on with this Xchanging company. He explains the concept as John did, but says he doesn't think it is an option. They are a new company and have no current clients. It looks too risky for NatWest to be the first. (We are a pretty risk-averse bunch even at times of crisis!)
However, he tells me that there are some discussions underway with Andersen Consulting regarding a number of options some of which could be similar to the Xchanging concept. There's a meeting on Monday that I should attend.
2019 note: Xchanging became a public company in 2007, doing well initially but after a profit warning in 2011, the shares dropped and in 2016 it was acquired by CSC. It is now part of DXC Technology.