Nordea is set to extend its automated multi-bank trade finance service after signing an agreement with Bolero. The bank is already live on Bolero's multi-bank service with a large Finnish client, but will now extend this service to a range of other clients. The new provision will complement the bank's existing services.
Bolero is a third party institution that aims to enable paperless trading between buyers, sellers, banks, regulatory bodies and logistics firms. Its multi-bank service automates the end-to-end lifecycle of the letter of credit and guarantee instruments for both importers and exporters, aiming to remove time delays, discrepancies and costs linked with the traditional paper-based or partly electronic processes.
The service allows both the corporate customer to deal with a range of banks through one automated platform, and removes the need for the corporate to maintain a number of different online interfaces or manual processes.
Commenting on the agreement, Claus Asbjorn Stehr, head of trade and project finance at Nordea comments: "We are now supporting the Bolero multi-bank channel for a number of our corporate customers and see the value provided by multi-banking solutions. There is no doubt that the market for multi-banking solutions is growing.”
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