Viveo and Bolero have jointly announced a cooperation agreement which will allow the two companies to combine their expertise in trade and trade finance to offer broader solutions to the both Commodity Trader and Bank communities.
Viveo is the market leader in Trade and Trade Finance applications for Commodity Traders. Its solutions provide for simple and swift manipulation of typical trade transactions, enabling the complete management and tracking of future contracts and the matching of sales/purchases and related futures in order to provide management with an up to date view of the profitability of each operation along with control of the overall risk exposure. In addition Viveo solutions manage the complete logistics lifecycle of product shipments and deliveries.
"Viveo has particular expertise in providing Trade solutions to Commodity Traders", says Robert de Picciotto, CEO of Viveo Switzerland. "In addition we provide powerful trade finance solutions to Banks involved in the provision of structured finance to these same Commodity Traders. Both Viveo and our customers are looking for an open standardised solution which enables seamless, but secure and legally binding, transfer of trade finance messages and electronic documents between these two communities. Bolero is proven in providing an open multi-bank trade finance solution and is increasingly recognized as the leader in this space. Our agreement will allow Viveo and its customers to benefit from standardisation on the Bolero channel."
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. Bolero prevents both communities from needing to support multiple bank and/or corporate specific processes, interfaces and data formats, clearly driving standardisation in this space. In addition Bolero provides comprehensive "On-Demand" Trade Finance applications enabling speedy adoption and flexible use.
"The use of an open multi-bank channel for trade finance has increased momentum significantly over the last 18 months", said Arthur Vonchek, CEO of Bolero. "Commodity Traders, in particular, aare very active in this space and have become one of the fastest growing priority markets for Bolero. The agreement to partner with Viveo Switzerland is for us a logical consequence of this market development and the recognized strength of Viveo solutions for this market."
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 over a highly secure neutral and standardised channel. 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 Software as a Service (SaaS) applications, providing ease of use and deployment with no infrastructure investment.
"Viveo and Bolero solutions are entirely complementary extending the reach of our traditional solutions into the detailed area of the LC and Guarantee application and management processes while at the same time providing a legally binding secure electronic communications channel to those banks who are providing trade finance services to our Trade Commodity customers" says Robert de Picciotto. "The need for a common neutral infrastructure between corporates and banks has been understood for some while within our community. It is clear that Bolero has already solved this problem on a broader global basis and has a large community of banks and corporates transacting live on their platform."
"I am delighted that Bolero has the opportunity to partner with Viveo", says Arthur Vonchek. "We have for some time been focused on providing targeted solutions to meet the extended needs of Commodity Traders and as a direct consequence have been focused on the Swiss Trading Community which has helped both companies to reach this agreement. Viveo, like Bolero, values its unique domain expertise and its attention to high levels of customer service, integrity and professionalism."