Bolero, the provider of secure financial supply chain solutions for the international trading market, has announced that some 20 organisations have implemented its new BoleroAdvise electronic letter of credit advices application. Since its recent launch, there has been a strong take-up of the solution in key banking markets and among large corporates across Europe and the Far East, claims the company.
The new BoleroAdvise service application offers exporters a fast and efficient way to receive Letter of Credit Advices from their Financial Institutions, replacing the traditional paper-based mail and fax communications used today. BoleroAdvise is part of the company’s modular Bolero Documentary Credit Suite, designed to improve an organisation’s Financial Supply Chain and help unlock real value potential by better aligning processes and technology for increased performance and enhanced efficiency.
Among its customers, Bolero already counts some 20 banks and corporates, including BNP Paribas, Natexis Banques Populaires, HSBC CCF and Calyon, as well as Lesaffre, Atofina, Vallourec, Alcatel and Schneider.
In addition, the company is also making inroads into the Asia-Pacific region. In Japan two corporates have successfully deployed BoleroAdvise, and the solution has also attracted considerable interest in Korea where Bolero already has three corporate customers.
The BoleroAdvise service claims to provide exporters with an easy and quick registration process, and is accessible via standard browser-based technology. Letter of credit messages are sent via Swift from the importer’s bank to the exporter’s bank. Through BoleroAdvise, the exporter’s bank then advises the letter of credit to the exporter who can log-on to BoleroAdvise to pick up their new Letter of Credit Advices. BoleroAdvise customers can download documents in both .pdf or .xml formats for easier distribution and processing. The solution enables key data to be reused to create downstream trade documents, such as shipping instructions.
Bolero was created as a neutral, trusted third party to develop a comprehensive set of standards that would remove the barriers to global, cross-enterprise business. Bolero implements and enforces these standards in an open platform to enable paperless trading between buyers, sellers, logistics, banks, agencies and regulatory authorities anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.
Building on this platform, Bolero delivers applications that enable the merging of the physical and financial supply chains, allowing companies to fundamentally re-engineer the way that business is done and take advantage of electronic trading. Customers and their trade partners are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency.