Bolero has announced that it has signed a new agreement with Fortis, which will enable Fortis to provide multi-banking trade finance services through the Bolero channel to its global customers. This extends an existing agreement, which allows Fortis to provide live multi-banking trade finance services to specific named customers.
The Bolero multi-bank service enables the automation of the end-to-end lifecycle of the Letter of Credit and Guarantee instruments for both Importers and Exporters. Corporates and their banks are increasingly adopting it as the standard channel for multi-bank trade finance.
Bolero's multi-bank solutions are already well proven in various commodities sectors including metals, agri-commodities, oil and petrochemicals. Bolero not only provides automation and consolidation across a corporates' multiple banks, but also offers support for many enhanced capabilities specific to certain commodities sectors. Support for oil traders, for example, includes management of large unstructured oil Letters of Credits with enhanced facilities including clause and template management and the inclusion of Red Clauses and large Letters of Indemnities.
Bolero provides a unique electronic multi-banking channel solution for corporate customers, while at the same time providing a single multi-corporate electronic channel for each bank. Thereby it prevents both communities from needing to support multiple bank and/or corporate specific processes, interfaces and data formats.
Eppo Heemstra, Managing Director Commodities, within Energy, Commodities & Transportation - at Fortis says: "Fortis has substantial experience delivering leading edge solutions for global commodities customers. We clearly see the growing demand from these customers for multi-bank trade finance solutions and have watched the emergence of Bolero as the market leader in this space. A number of our existing customers are already live on the Bolero platform providing a good foundation for the roll-out of this solution to other global customers."
"We have partnered with Fortis for some time as they have developed their strategy to support the multi-banking requirements of their corporate customers." said Claire Buchanan, SVP, Global Field Operations at Bolero. "By extending our agreement in thiss way Fortis continues to show leadership in trade finance for their global commodities customers."