Nordea and Bolero International have entered into an agreement that will allow Nordea to offer multi-bank trade finance automation to complement its existing service offerings.
Nordea is already live on the Bolero multi-bank service with a large Finnish based global customer and is now extending this service to a number of others.
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. Bolero uniquely offers a multi-bank trade finance solution for the corporate customer whilst at the same time providing a multi-corporate trade finance channel for the bank, enabling true collaboration and eliminating the need for the corporate to maintain numerous customer specific interfaces or manual processes.
Claus Asbjørn Stehr, Head of Trade and Project Finance at Nordea says: "We are now supporting the Bolero multi-bank channel for a number of our corporate customers and see the value provided by multi-banking solutions. There is no doubt that the market for multi-banking solutions is growing."
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. This allows a corporate to reduce time, cost and complexity providing visibility and certainty, eliminating errors and allowing it to manage working capital more effectively. For a bank such as Nordea, this provides a multi-bank channel to complement its existing trade finance services in support of rapidly growing market demand.
"We are delighted to have the opportunity to partner with Nordea. They have shown a willingness to understand and support their customers as well as true leadership in this area." said Claire Buchanan, Senior Vice President, Global Field Operations at Bolero.