Bolero announced it has signed an agreement with global commodities firm Noble Group (SGX:NOBL), which will enable the company to implement Bolero's multi-bank trade finance service on a global basis in support of both Letters of Credit and Guarantees.
The global roll-out will start in Hong Kong and will then expand to Noble's other primary centres in Singapore, Lausanne, Stamford, USA and London.
The global roll-out of this solution will allow Noble Group to better manage its Trade Finance operations and significantly improve the efficiency and effectiveness of communication with its partner banks on a global basis. By standardising on the use of Bolero with all core banks, Noble has the opportunity to provide regional and global consolidation and standardisation of its trade finance operations as well as removing time, cost and inefficiency from the processes. By using Bolero, Noble will ensure efficiency and standardisation benefits for its banks partners at the same time.
"We have observed the accelerated adoption of Bolero over the past few years," says a spokesperson from Noble Group's Treasury Department. "A significant number of our core partner banks are already live on the Bolero channel and we anticipate our decision will help to strengthen this commitment as well as to influence other banks to adopt this open platform".
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 and their banks. The service includes its highly secure multi-bank communication channel which is already in use with a significant number of Corporates and Banks and which increasingly is being adopted as the standard channel for multi-bank trade finance. Complementary to the Bolero multi-bank channel are the Bolero On-Demand Trade Finance applications which are delivered as web-based applications, or Software as a Service (SaaS), providing ease of use and deployment and no infrastructure investment.
"We have been discussing with Noble Group for some time as they have been defining their needs for trade finance optimisation and enhanced collaboration with their banks." said Claire Buchanan,, SVP, Global Field Operations at Bolero. "Noble Group is a recognized leader with global presence that will add to the significant number of global corporates standardising on the Bolero channel. This, in turn will help to signal to banks globally the increased convergence on Bolero and the benefits to both communities in adoption of a common open multi-bank channel"
Arthur Vonchek, CEO of Bolero added, "We are delighted to be partnering with Noble Group. Noble is particularly important to us at Bolero because of its global presence as well as its significant operations in Asia where we are seeing a rapidly increasing focus on multi-bank trade finance from both corporates and their banks."