Australia and New Zealand Banking Group Limited (ANZ), has signed up to the bolero.net trade finance platform.
Since recently joining, ANZ has taken part in live transactions involving BHP Billiton entities and Coal & Allied in Australia, and is planning further participation with other corporate customers in Australia and New Zealand over coming months.
Carole Anderson, managing director of ANZ's global transaction services, says the move is in line with the bank's e-transformation strategy and complements its involvement in Proponix trade processing. Proponix is a joint venture company established by ANZ, Bank of Montreal, Barclays Bank and American Management Systems, to offer outsourced trade finance services to banks worldwide.
"As an electronic commerce initiative, bolero.net improves the efficiency of trade finance by speeding up the exchange of data and title to goods, enabling importers and exporters to realise savings in time and money across the transaction chain," says Anderson.
Bilateral trade in 2000-01 for Australia was A$238 billion, and for New Zealand was NZ$64 billion.