Bolero has announced that Cameron (NYSE: CAM), a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries, has signed an agreement to use Bolero's multi-bank trade finance solution for the control and management of standby letters of credit across the company.
Cameron, which is headquartered in Houston, Texas, USA employs more than 20,000 people across more than 300 locations globally. The Bolero solution will be used to provide centralisation of the management of standbys as well as providing visibility at cost centre, regional and global levels.
Keith Jennings, VP & Treasurer at Cameron says "As a leading global company we are constantly looking for improved visibility in our global trade finance activities and improved efficiencies through collaboration with our partner banks. Of particular importance to our decision was the evidence of the service demonstrated by the number of corporates and banks already live on the Bolero network. The automated internal approvals and authorizations features of the Bolero solution, together with the legally binding nature of the Bolero network will enable greater levels of efficiency, control and the removal of a significant amount of paper from the process".
The Bolero collaborative trade finance service enables the automation of the end-to-end lifecycle of the Documentary Credit, Standby Letters of Credit, Guarantees, Bonds and other traditional trade instruments for both Importers and Exporters over a highly secure neutral and standardised channel. In addition, Bolero uniquely provides support for fully electronic presentation of documents including a proven electronic bill of lading (eBL). A fast growing number of Corporates are now utilising the Bolero service in collaboration with their partner banks, clearly positioning Bolero as the channel of choice for multi-bank trade finance.
Fulton Croos-Moraes, Regional Treasury Manager at Cameron, said: "We selected Bolero after an extensive evaluation of the market and including discussion with all of our major partner banks. As a result we scrutinized possible solutions in great detail with respect to current availability and proven live use and insisted on multiple reference customers. We were impressed with the willingness of major Bolero corporate customers to act as a positive reference.
"It has been a pleasure working with the team at Cameron during their detailed evaluation phase." said Claire Buchanan, SVP, Global Field Operations at Bolero. "The professionalism they have shown in reaching this decision provides an ideal foundation for partnership between Cameron and Bolero as they prepare to go live over the next few weeks."
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 Bolero multi-banking channel which provides a single channel to banks and ensures security, legal certainty, non-repudiation and document originality. All Bolero services are deployed for multi-bank use by corporate customers, while at the same time providing a single multi-corporate 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 rapid adoption in this space. Most recently Bolero has added comprehensive ePresentation (electronic document presentation) capability to its live global service.
"We are delighted that a leading company such as Cameron has decided to utilise the Bolero multi-bank service," says Arthur Vonchek, CEO at Bolero "This opportunity has also provided us with another substantive foundation as we focus more and more on the North American market".