Internet trade finance outfit Bolero has joined the corporate standards body Twist in a move to increase interoperability across the two groups.
Bolero joins a core collective of other corporate, bank and vendor supporters of Twist as a sponsor member.
The Bolero system was established to create a neutral financial supply chain platform enabling paperless trading between buyers, sellers and their logistics service and bank partners.
The move to join Twist is part of an effort by Bolero to re-align the business to meet the demands of the large corporate market. Arthur Vonchek, CEO, Bolero, says there is a fundamental shift underway from proprietary bank-centric solutions to corporate centric multi-banking and standards.
The utility-based service is reporting an increasing demand from multinational corporations for its back office technology, which has helped it secure a "significant cash injection" under its latest round of funding which was completed in February.
Commenting on the allliance with Twist, Vonchek says: "Twist's emergence in support of the standardisation of transactions between banks and their corporate customers is a very important initiative for the industry. In pursuit of the same strategic goals cooperation between Twist and Bolero will provide clear added value for our customers and the community in general as well as reciprocal value."
Bolero says it will contribute its knowledge capital in standards for the end-to-end letter of credit and guarantees processes between corporates and their banks, as a basis for the creation of formalised Twist standards, which will eventually be incorporated on the Bolero platform.
Bolero's co-operation with Twist comes on the heels of a similar initiative between digital trust network IdenTrust and the corporate standards body. IdenTrust, like Bolero, was initially established with the support of the world's biggest banks, but has since moved to break away from its roots and offer services directly to corporate customers.