KBC Group has extended its partnership with Bolero, the paperless trading platform, signing a new agreement that will provide its global customer base with an automated and standardised multi-bank trade finance channel.
"At KBC we have built significant domain expertise in trade and trade finance and we have supported the use of the Bolero multi-bank channel for a number of our key corporate customers. Our understanding of the value provided by multi-banking solutions both to corporate clients as well as to their banking partners has led us to actively support a multi-bank strategy as complimentary to our own successful trade services solutions,” comments Herwig Huysmans, general manager, trade finance department at KBC.
The Bolero solution targets the cost complexity and delays associated with traditional paper-based or partially electronic transactions and mitigates the risks present in the end-to-end lifecycle of the letter of credit and guarantee instruments for both importers and exporters.
The collaborative agreement is also a further indication of "the convergence by banks and corporates alike on multi-banking standards for trade finance," according to Arthur Vonchek, CEO of Bolero.
Last Updated May 07, 2008
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