HypoVereinsbank installs Bolero trade finance products
16 January 2006 | 1822 views | 0
Bolero, the world's leading provider of secure financial supply chain solutions, has announced that HypoVereinsbank (HVB) – one of the leading German banks and a member of UniCredit Group – has implemented BoleroAdvise and BoleroApply into its trade finance offering.
The Bolero solutions enable HVB to offer its corporate customers another secure electronic Letter of Credit application with true multi-bank capability. The Bolero trade platform will compliment HVB's existing trade solutions and allow its corporate customers to electronically communicate with their trade finance partners globally.
"HVB has positioned itself with a distinctive profile in the market for financial services. We offer them in all business segments excellent, innovative and rapid solutions, thus making our customers the focus of our operations. The decision to integrate the Bolero platform is a reflection of this commitment," commented Markus Wohlgeschaffen, Head of Trade and Payment Products at HVB. "The introduction of the Bolero Trade Platform to our existing trade finance services will further enhance our position as an innovative Trade Finance Bank."
"The fact that Bolero is a trusted third party and a standards-based provider of secure trade gateways made the decision to opt for its solutions a simple one," added Manfred Lutz, Product Manager Trade and Payments Products. "Bolero offers a fully hosted solution that requires minimal integration on our part and compliments our current bank-client messaging using the German DTA-standard. With BoleroAdvise and BoleroApply we increase the number of alternatives for our customers to participate in one of our bank-to-client communication frameworks."
"We're delighted that HVB has chosen the Bolero Trade Platform to help its customers maximise working capital by increasing the speed, accuracy and visibility of the Letter of Credit process," commented Arthur Vonchek, CEO, Bolero. "Using BoleroAdvise and BoleroApply, HVB can now provide its customers with an additional unified platform for secure Letter of Credit processing – regardless of the identity of the other banks involved in the process."
The Bolero Letter of Credit Application Suite provides a trusted and neutral third-party solution for secure electronic bank-to-corporate financial supply chain automation, effectively replacing today’s traditional paper-based mail and fax communications with a standard easy-to-use interface. Bolero's technology is standards-based and supports current and emerging bank standards. As it is a hosted solution it provides banks and their customers with an entirely non-invasive deployment. The company's BoleroApply solution helps corporates to manage and optimise their multiple credit lines, while BoleroAdvise supports electronic downstream processing, reducing errors through incorrect data entry, and accelerating procure-to-pay and order-to-cash cycles.