WestLB is set to use the Bolero trade finance platform to provide automated multi-bank services to its clients for processing letters of credit and guarantees. “There is some history in Germany with standardisation of the letter of credit which has allowed us to quickly appreciate the need to support a secure, automated multi-bank platform which operates on a global basis and provides broader standardisation including guarantees,” remarks Max Niesert, executive director, head of trade and export finance, at WestLB.

The Bolero multi-bank service automates the end-to-end lifecycle of the letter of credit and guarantee instruments for importers and exporters, eliminating the need for the corporate or bank to create multiple and expensive peer-to-peer integration connections.