Rabobank has signed an agreement with Bolero to enable the bank to provide a multi-bank trade finance service to its global customers. Rabobank has already identified a number of key customers where it will start deployment of this service.
The Bolero multi-bank service enables the automation of the end-to-end lifecycle of letter of credit and guarantee instruments for both importers and exporters over a highly secure neutral and standardised channel. A significant number of corporates and banks utilise the Bolero service, which has increasingly been adopted as the standard channel for multi-bank trade finance.
Diane Boogaard, global head of trade and commodity finance at Rabobank says: “Rabobank has been interested in the Bolero service for some considerable time. We now have a growing list of customers who already use the channel or have indicated they plan to use Bolero in the near future. As a result we are delighted that we are now able to join this community and utilise this service bringing benefits to our customers as well as to Rabobank.”
“We are delighted to be partnering with Rabobank”, adds Arthur Vonchek, CEO of Bolero. “Rabobank is a high profile bank that has a great reputation in trade finance and we have been eager to find the opportunity to start working with them and their customers. We expect this agreement will form the basis of a close partnership and increased co-operation in the future.”
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. Bolero prevents both communities from needing to support multiple bank and/or corporate specific processes, interfaces and data formats, clearly driving standardisation in this space. In addition Bolero provides comprehensive ‘on-demand’ trade finance applications enabling speedy adoption and flexible use.
“In the current climate, corporate customers are more critical towards counterpart risk than in recent times.” says Boogaard. “There has been a corresponding increase in the use of traditional trade instruments. What is clear to us is that this presents a great opportunity for banks to engage further with their customers in the provision of such traditional trade services. At the same time we believe it is critical that banks deploy solutions which truly meet the needs of their corporates rather than simply returning to some of the inefficiencies associated with traditional processing in the past. The use of Bolero in conjunction with our existing trade finance solutions ensures that Rabobank is ideally placed to satisfy these goals.”
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