Lloyds TSB Corporate Markets has signed a strategic partnership with paperless trading solutions provider Bolero.
The agreement will allow the bank unrestricted use of Bolero’s multi-bank, collaborative trade finance service which allows the automation of the end-to-end lifecycle of letter of credit and guarantee instruments for both importers and exporters.
John Salter, head of trade, payments and cards, transaction banking at Lloyds TSB, comments on the necessity of the partnership: “Through regular dialogue, it had become clear that a number of our corporate clients, especially our larger, multi-bank trade customers, are looking for a service that could deliver a single point of access to their various banks. Singing this agreement with Bolero will now enable us to provide this by giving Lloyds TSB Corporate Markets full access to its multi-bank trade finance service.”
Claire Buchanan, senior vice-president, global field operations at Bolero, comments: “Through this partnership with Bolero, the bank will gain the ability to deliver proven value to their own customer community, as well as taking a leadership role in delivering the same solutions to those corporate and commodity trader customers who require a multi-bank service.”
Bolero’s chief executive officer, Arthur Vonchek, adds: “We are delighted to welcome them to the growing number of banks globally who are delivering trade finance services over the common Bolero channel, providing benefits for both bank and corporate communities.”
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