Dresdner Bank is to work with Bolero to provide corporate customers with a single secure electronic gateway to all its trade finance transactions. Bolero is a leading provider of secure financial supply chain solutions and its online technology supports the German standards for corporate-to-bank communication (DTA).
Working with Bolero’s BoleroApply and BoleroAdvise solutions, Dresdner will extend its communications and e commerce services by providing corporate customers with a DTA-compliant, secure and value-added communication service to manage all its letter of credit applications and advices, and actively drive costs from their existing trade finance processes.
The DTA standard for documentary credit has been developed by members of the Zentraler Kreditausschuss (ZKA), with the goal of creating a standardised format for various messages including the exchange of letter of credit advices and applications.
Dresdner Bank’s corporate customers will be able to deploy Bolero’s secure online technology to save time and cut costs by improving the speed, efficiency and accuracy of their letters of credit applications and advices.
Leading Dresdner Bank customers such as the major Swiss-based Glencore group are already using Bolero’s financial supply chain solutions to reduce their procure-to-pay and order-to-cash cycles, and eliminate the inaccuracies and delays associated with manual entry.