Bolero, the world's leading provider of secure Financial Supply Chain solutions for the international trading market, has announced that some 20 organisations have implemented its new BoleroAdvise electronic Letter of Credit Advices application. Since its recent launch, there has been a strong take-up of the solution in key banking markets and among large corporates across Europe and the Far East.
The new BoleroAdvise service application offers exporters a fast and efficient way to receive Letter of Credit Advices from their Financial Institutions, replacing the traditional paper-based mail and fax communications used today. BoleroAdvise is part of the company's modular Bolero Documentary Credit Suite, designed to improve an organisation's Financial Supply Chain and help unlock real value potential by better aligning processes and technology for increased performance and enhanced efficiency.
Among its customers, Bolero already counts some 20 banks and corporates, including BNP Paribas, Natexis Banques Populaires, HSBC CCF and Calyon, as well as Lesaffre, Atofina, Vallourec, Alcatel and Schneider. In addition, the company is also making inroads into the Asia-Pacific region. In Japan two corporates have successfully deployed BoleroAdvise, and the solution has also attracted considerable interest in Korea where Bolero already has three corporate customers. Users who have invested in the BoleroAdvise solution sum up their experiences:
Marius Biadacz, Collection Manager, Lesaffre - the world leader in the production of yeast and yeast extracts: "BoleroAdvise's compelling asset is its unified documentation process across banks that allows for high levels of efficiency, faster delivery notification times, and enhanced transaction visibility and accuracy."
Sebastien L'Arvor, Treasury Manager, Atofina - the chemical branch of Total: "BoleroAdvise's single information exchange protocol is one of the solution's major assets, facilitating document analysis and internal communications, enabling electronic audit trails of transactions to be undertaken. In addition, its reliability with regards to security and confidentiality placate intrinsically sensitive concerns where financial matters are involved."
Patrick Lavenir, Project Manager, Natexis Banques Populaires: "BoleroAdvise has pioneered the transaction process by providing exporters with fast, efficient and secure means of receiving standardised electronic Letter of Credit Advices. The solution has speeded up the management of turning Letter of Credit Advices to inventory to cash, eliminating fully the need to manage multiple user interfaces, formats, paper documents or faxes, by improving document readability and layouts."
"Since we have made the transition from the pilot to the formal launch of BoleroAdvise, live volumes have increased by 150 per cent," commented Arthur Vonchek, CEO, Bolero. "BoleroAdvise is rapidly becoming the industry solution of choice, helping banks and exporters to unlock real value from the release of working capital locked up within the Financial Supply Chain by bringing Letter of Credit Advices online".