Financial supply chain platform Bolero has extended its Web-based trade finance suite to incorporate Letter of Credit Advices.
The new service enables banks to bring Letter of Credit Advices online for their export customers to print, view and download. It is designed to replace the traditional paper-based mail and fax solutions that exporters currently use.
Accessible via standard browser-based technology, BoleroAdvise is operated under contract by financial messaging network Swift and incorporates the latest digital signature technology.
Letter of Credit messages are sent via Swift from the importer's bank to the exporter's bank. Through BoleroAdvise, the exporter's bank then advises the Letter of Credit to the exporter. BoleroAdvise customers can download documents in both .pdf or .xml formats. In addition exporters can reuse key data to create downstream trade documents, such as shipping instructions.
The application is available as part of Bolero's modular Documentary Credit Suite.