Bolero has announced the signing of an agreement with Danske Bank, which will allow the bank to provide Bolero multi-bank trade finance services to its corporate customers.
Danske Bank had received requests from a number of its customers to collaborate over the Bolero network and is now already live with these customers. The Bolero service will be used to support a range of traditional trade finance instruments including Import Letter of Credit, Export Letter of Credit, Standbys and Bank Guarantees.
Søren Haugaard, Head of Group Trade and Export Finance at Danske Bank, says "We have seen growing demand from our customers for a neutral multi-bank trade finance service. This decision reflects both our commitment to provide service to our customers as well as adding an important trade finance channel to our existing trade finance services."
"We are seeing rapid growth of multi-bank initiatives across the whole Nordic region" said Claire Buchanan Senior Vice President, Global Operations at Bolero. "Bolero has emerged as the single established and proven multi-bank solution which is now supported by all the main trade finance banks in the region. We are delighted to welcome Danske Bank to the Bolero network in support of both Nordic and global corporate customers".
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.
"For some time we have considered the options for offering multi-banking for trade finance", added Soren Haugaard at Danske Bank. "Having taken the time to understand the requirements of our customers and the alternatives available, we decided to select Bolero as a network partner for multi-bank trade finance."
"The rapid expansion of our network in the Nordic area is a result of the number of active corporate and bank customers already live on the Bolero service", said Arthur Vonchek, CEO of Bolero. "With all the major Nordic banks now supporting Bolero, this provides additional standardisation for both corporates and banks and insulation from individual proprietary initiatives".