Atradius, a global leader in trade credit insurance, surety bonds and collections services worldwide, has chosen the financial solution provided by Bolero to efficiently process corporate transactions for customers in its surety bonds branch.
Due to Bolero’s growing ecosystem of corporates and trade partners, the use of this electronic platform is expected to open the door to transactions with new clients which already use Bolero.
The web application for Guarantees provided by Bolero enables corporate customers to create, approve, send and amend instruments collaboratively with multiple financial institutions. This means that credit insurers and surety bond issuers can accept transactions such as application requests via Bolero, reducing the need for paper processes and improving processing time.
Atradius provides trade credit insurance, surety bonds and collections services worldwide through a strategic presence in 50 countries and has access to credit information on 200 million companies worldwide. Its credit insurance, bonding and collections products help protect companies throughout the world from payment risks associated with selling products and services on trade credit.
Atradius Global Head of Bonding, Pietro Lanzillotta, said: “As a trade platform for multiple financial entities, Bolero’s electronic solution offers an effective way to manage surety bond applications. We believe that the possibility for our corporate surety bond customers to connect with Atradius over Bolero’s web applications will further enhance the quality of service we provide them, and will be an added-value feature to better serve businesses that choose an Atradius surety bond.”
This agreement with Atradius reflects growing demand from corporates to connect to their surety bond providers through the Bolero platform and use it to place more business with their chosen institutions. One of the major advantages is the ability to accept transactions via Bolero directly into their back office or operations teams.
Carlo d’Amore, Global Head of Financial Institutions at Bolero, said: “As one of the biggest companies in the bonding market, this is a significant new agreement for Bolero. It is also a good example of how we’re seeing financial institutions increasingly prioritising our secure platform in response to growing demand from corporate customers.”