Outotec signs for Bolero's multi-bank trade finance service
28 September 2010 | 2992 views | 0
Bolero has announced that Outotec, a leading global provider of process solutions, technologies and services for the mining and metallurgical industries, has signed an agreement to use Bolero's Multi-Bank Trade Finance service. Outotec will use Bolero for the management of Export Letters of Credit as well as for Guarantees. Training of Outotec personnel has already begun and the company is scheduled to go live with the first of its partner banks during October.
By using the Bolero Multi-Bank Trade Finance solution Outotec will be able to significantly simplify the management of Export Letters of Credit and Guarantees utilising a single multi-bank solution rather than having to deal with the different solutions offered by their partner banks. Authorisations and approvals will be formalised and automated using the powerful configurable workflow features of the Bolero service. In addition, the real-time Dashboard capability of the Bolero solution will provide high levels of visibility across all of Outotec's global businesses and all of its principal partner banks.
Jussi Penttila, Vice President Finance at Outotec says: "We are focused on improvements in the efficiency of the trade finance process across our global businesses in true collaboration with our partner banks. We are aware of the increased adoption of Bolero by corporates and the growing number of banks who proactively offer this service to their customers. In addition to driving real value for our business we are also keen to exchange experiences with the growing number of corporates using the Bolero service.
"We are very excited that Outotec has joined the rapidly growing Bolero community and are impressed with their focus and drive to go live in a relatively short time" said Claire Buchanan, Senior Vice President Global Operations for Bolero. "The Nordics are becoming an increasingly vibrant market for Bolero with most of the major banks offering Trade Finance services in the region already live or committed to go live with the Bolero multi-bank channel".
Bolero provides comprehensive Trade Finance applications delivered as web-based SaaS (software as a service) solutions enabling speedy adoption, minimal infrastructure costs and flexible use. Underlying these applications is the unique Bolero electronic multi-banking channel solution which ensures security, legal certainty, non-repudiation and document originality. All Bolero services are deployed for effortless upgrade to full multi-bank use 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.
"At Outotec we are very focused on time to value" says Jussi Penttila. "Because the Bolero applications are provided as a common global service over the internet, we require no costly software or hardware infrastructure to operate the system which is available for immediate use. The fact that most of our principal banks are already live on the Bolero service with other corporate customers will also ensure fast deployment with our banking partners."