KBC to offer Bolero trade finance platform
06 May 2008 | 2823 views | 0
Since 2005 KBC has been working closely with Bolero and already provides live multi-banking services to a number of its corporate clients.
A new agreement signed today between KBC and Bolero further extends this partnership and enables KBC Group to offer to all its global customers multi-bank trade finance services over the Bolero channel.
The Bolero multi-bank service automates the end-to-end lifecycle of the Letter of Credit and Guarantee instruments for both Importers and Exporters removing substantially the costs complexity, discrepancies and time delays associated with the traditional paper based or partially electronic processes. It has been increasingly adopted by corporates and their banks as the standard channel for multi-bank trade finance.
Herwig Huysmans, General Manager, Trade Finance Department at KBC says: "At KBC we have built significant domain expertise in trade and trade finance and we have supported the use of the Bolero multi-bank channel for a number of our key corporate customers. Our understanding of the value provided by multi-banking solutions both to corporate clients as well as to their banking partners has led us to actively support a multi-bank strategy as complimentary to our own successful trade services solutions. It is clear that this has allowed us to develop a closer relationship with these customers. There is no doubt that the market for multi-banking solutions is growing rapidly and our decision to partner with Bolero confirms KBC's commitment to the needs of its customers as well as to the provision of a standardized multi-banking channel".
By automating the Trade Finance Process including the electronic channel to its multiple banking partners, a corporate can have the benefit of a risk mitigation instrument without the majority of costs and issues traditionally associated with the Letter of Credit. In addition this provides consistency, standardisation and consolidation as well as the ability to electronically collaborate between Corporate and Bank.
"We have had a close relationship with KBC for some while as they have developed their strategy to support the multi-banking requirements of their corporate customers." said Arthur Vonchek, CEO of Bolero. "By extending our agreement in this way KBC continue to show leadership in trade and trade finance and further signals the convergence by banks and corporates alike on multi-banking standards for trade finance."