Bolero has signed a new multi-access agreement with HypoVereinsbank (HVB), part of the Unicredit Group, which will allow HVB to provide multi-banking trade finance services through the Bolero channel to a number of its customers.
The service automates the end-to-end lifecycle of the letter of credit and guarantee instruments for both importers and exporters.
“For some years HVB have been at the forefront of offering multi-banking trade finance solutions to its corporate customers,” explains Arthur Vonchek, chief executive officer at Bolero.
“HVB’s decision to upgrade their agreement with Bolero is a logical consequence of their commitment to support clear customer need for automation, visibility and increased efficiencies as well as the benefits to the bank in having a robust electronic multi-bank communications channel.”
Markus Wohlgeschaffen, head of trade finance & services at Unicredit Group, adds: “we recognised very early on the need to provide robust multi-banking support to our clients on a global basis. Clearly Bolero is emerging as an important platform in the trade finance space and we welcome the opportunity to work more closely with this channel and the Bolero organisation.”
The new agreement will see HVB provide Bolero multi-bank support to a number of known clients in the process of rolling out a Bolero-based multi-bank solution for either letters of credit, guarantees or both.
Bolero provides a unique electronic multi-banking channel solution for corporate customers, while at the same time providing a single multi-corporate electronic channel for each bank. This prevents both communities from needing to support multiple bank and/or corporate specific processes, interfaces and data formats.
Last Updated September 18, 2008
Reader Comments