Bolero, a provider of trade finance digitisation solutions, has launched a new service which will allow banks around the world to offer digital trade services to clients without having to build out the technology themselves.

Galileo Trade Portal as a Service (TPaaS), which goes live today, is a subscription-based service for financial institutions that enables banks to offer digital trade services – such as creating, editing and managing letters of credit, electronic presentations and guarantees, as well as open account transactions and electronic bills of lading – via an online portal tailored with their own logo and branding.

Bolero says that this new solution aims to help financial institutions achieve an accelerated time to market in delivering digital trade services to their trade clients whilst reducing the total cost of ownership in comparison to an in-house build or traditional software.

“In the current backdrop of the pandemic, the demand for digital trade services is at its peak. Galileo TPaaS is designed to help banks deliver digital trade services to their clients without the need to take on a complex implementation project or make heavy technology investments towards digitisation. Our vision of Galileo TPaaS is to enable banks to offer an elevated customer experience to the end-user at a fraction of the cost that banks incur in traditional trade portal solutions,” says Anchal Tiwari, head of product at Bolero.

Galileo TPaaS is a white-label version of the company’s Galileo solution, which Bolero launched last year as part of an overhaul of its tech platform. Aimed at banks and multi-banked corporate users, Galileo is a web-based platform that brings together all of Bolero’s current services in one place, allowing multiple trade parties to collaborate and share data.

The new TPaaS solution takes the Galileo functionality and packages it as a plug-and-play trade portal for banks to offer to their clients. “Essentially, it is a portal as a service,” Tiwari tells GTR. “With our new white-labelled trade portal solution, we are extending the offering to a larger corporate segment by enabling regional banks to roll out Galileo TPaaS for their corporate trade clients.”

Banks that sign up for TPaaS will pay a subscription fee based on number of clients, rather than the number of transactions.

Bolero is now focusing on rolling out the product to regional banks in Asia, the Middle East and Central and Eastern Europe, and is currently expanding its headcount in Asia to drive take-up of Galileo TPaaS there.