Viveo and Bolero join forces

Bolero and Viveo have joined forces to broaden the scope of the solutions they offer their clients, with Bolero hoping to find more business opportunities from commodity trading companies.

Viveo offers trade and trade finance applications for commodity traders, with its solutions providing simple and swift manipulation of typical trade transactions, enabling the complete management and tracking of future contracts and matching of sales and purchases. This enables management to access an up-to-date view of the profitability of each operation, along with the control of the overall risk exposure. Viveo also manages the complete lifecycle of product shipments and deliveries.

Bolero provides a multi-banking channel for corporate customers, while at same time providing a multi-corporate electronic channel for each bank. Bolero’s system avoids the need for multiple different processes and interfaces between corporates and their banks.

Through working with Viveo, Bolero hopes to build its presence among commodity traders. Arthur Vonchek, CEO of Bolero, comments: “The use of an open multi-bank channel for trade finance has increased momentum significantly over the last 18 months.

“Commodity traders, in particular, are very active in this space and have become one of the fastest growing priority markets for Bolero. The agreement to partner with Viveo Switzerland is for us a logical consequence of this market development and the recognized strength of Viveo solutions for this market.”

The two companies have signed a cooperation agreement under which they will share their expertise and improve both their product offerings. Viveo’s CEO, Robert de Picciotto, comments: “Viveo and Bolero solutions are entirely complementary extending the reach of our traditional solutions into the detailed area of the LC and Guarantee application and management processes while at the same time providing a legally binding secure electronic communications channel to those banks who are providing trade finance services to our trade commodity customers”

He adds: “The need for a common neutral infrastructure between corporates and banks has been understood for some while within our community. It is clear that Bolero has already solved this problem on a broader global basis and has a large community of banks and corporates transacting live on their platform.”