Bolero, the world leading provider of secure financial supply chain solutions, has announced that Westpac Banking Corporation – one of Australia and New Zealand's leading banking groups – has successfully implemented an electronic Letter of Credit Advise solution for a major Australian exporting organisation.
Through Westpac advising the Letters of Credit using Bolero Advise, the exporter can download its Letter of Credit Advices in a .pdf or XML format for electronic distribution within the organisation thereby improving transaction visibility. It removes the need to re-key data, enhances accuracy and simplifies downstream processes, improving timeliness of response while reducing the processing cost. It also provides the exporter with an electronic audit trail.
"Our strategy is to be the trade finance provider of choice in Australia, New Zealand and Pacific Region for the international banking needs of all sizes of business," commented John Kerr, Westpac's International Head of Business. "That's why we're committed to providing our international banking customers with a clear competitive differentiation, and working with Bolero we're already setting the standard when it comes to offering innovative trade service solutions for importers and exporters. Using BoleroAdvise, our major Australian exporter customer is already speeding its time to order fulfilment, and clearly seeing the potential for accelerated cash flow."
"With its commitment to innovative trade finance solutions, Westpac are now providing its international banking customers in Australia with immediate competitive advantage through the use of advanced electronic solutions such as BoleroAdvise," added Ross Wilkinson, Bolero's Regional Director for the Asia/Pacific region.
BoleroAdvise provides exporters with an accessible and easy-to-install multi-banking service that allows them to receive all their documentary credit advices on the same platform, in the same format, regardless of the identity of the advising bank. BoleroAdvise provides a clear audit trail, with information presented for all in a standard and user-friendly format. Allowing exporters to view, print and download Letter of Credit Advices for downstream processing.