Dutch firm ING Wholesale Banking is implementing Bolero's trade finance products BoleroAdvise and BoleroApply to automate letter of credit (LoC) processes for its corporate clients.
Bolero says the technology will enable ING customers to apply for and receive all LoC advices electronically, allowing them to gain a single consolidated view of all positions across the multiple banks with which they work.
The system includes an audit trail for all LoC transactions and messages between parties.
Frank Taal, global head, ING product, channel and solution management, says: "We wanted to provide a solution that would address the emerging requirement for multi-bank support around the automation of our clients' financial supply chain".
ING was one of the first banks to sign up to bolero.net Internet-based trade finance platform back in 2000.