Commonwealth Bank of Australia (the Bank) has announced that it has signed an agreement with Bolero to enable the Bank to provide market-leading collaborative trade finance services to its customers.
The strategic relationship envisaged under this agreement will allow the Bank to take a leadership position in the provision of an on-line guarantees service both for its own customers as well as those which intend to use this as a multi-bank service.
Tony Sacre, General Manager, Global Transaction Services, Commonwealth Bank: "Commonwealth Bank has a strong commitment to customer service and to our Total Capital Solutions (TCS) initiative.
"The TCS offering gives clients access to debt, equity, risk management, transaction banking and trade finance solutions across the whole balance sheet.
"Clearly this partnership with Bolero will enhance the Bank's ability to deliver on both of these goals and its trade finance services capabilities.
"We are delighted that we are now able to partner with Bolero bringing benefits to our customers," Tony said.
"We have built an excellent relationship with Commonwealth Bank of Australia who clearly understand the needs of their corporate customers and see the benefits in proactively providing leading-edge solutions to enhance their existing customer applications," said Claire Buchanan, SVP, Global Field Operations at Bolero.
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.
"The addition of the Bolero service to our existing solutions and skills base will allow the Bank to extend our geographic reach to support our customers as their trade finance needs grow, Tony added. "Particularly in the areas of guarantees and documentary credits, we recognize the opportunity to deliver significant value to our customers.
"The advanced SaaS service offered by Bolero ensures that we can deploy these solutions very quickly to our customers either as a CBA solution or as a wider multi-banked solution, with minimum set-up or infrastructure required," Tony concluded.