Endesa, S.A. goes live with Bolero for multi-bank management of Guarantees
Friday, May 17, 2013
May 2013, London and Madrid. Bolero has announced that Endesa, S.A, the leading company in the Spanish electricity sector and the largest private electricity multinational in Latin America, has gone live with a new multi-bank guarantee management solution provided by Bolero. The use of this solution will allow Endesa to manage its portfolio of guarantees in a standardised and automated way across business units, geographic locations and its partner Banks. Endesa S.A. is part of the Enel Group.
“We have been delighted to work with Endesa during their evaluation of potential solutions and their implementation of the Bolero applications.” said Carlo d’Amore, Bolero’s executive based in Madrid. “The fact that Endesa already had good control of their guarantee issuance processes has assisted in the implementation of the Bolero multi-bank solution in order to provide visibility, additional operational efficiencies and management of credit lines”.
Bolero provides comprehensive Trade Finance applications delivered from the cloud enabling speedy adoption, zero infrastructure cost and intuitive use. Underpinning these applications is the unique Bolero Exchange platform which enables data transformation and ensures security, legal certainty, non-repudiation and document originality.
“It is a privilege to be associated with Endesa, S.A.”, said Arthur Vonchek, CEO of Bolero. “As a major influential corporate in the region, this adds to the momentum we are seeing and the excellent relationships we have with key banks in Spain and elsewhere in the region as well as globally”.
Bolero is a cloud-based platform which provides a different way to implement multi-bank trade finance solutions.
Unlike traditional point to point approaches which are costly, complex and uncertain, Bolero’s cloud architecture ensures fast deployment, ease of use and global access together with no infrastructure costs. Users benefit from accelerated time to cash, reduced costs, greater control and visibility and operational efficiencies.
Because trade finance involves collaboration between multiple parties, all Bolero Applications are built on the Bolero Exchange, a collaborative platform which supports all trade flows between all parties and across all locations. Each Bolero member only needs to connect once and then has common access to all other community members whilst remaining completely insulated from a trade partner’s specific technology and business process.
Bolero is more than a technology solution – it is a community of corporates, banks, insurers and logistics service providers operating in more than 30 countries and managing more than 400,000 trade transactions per month.
Endesa is a Spanish multinational which operates across the entire value chain of the electricity business (generation, transmission, distribution and sale). It is also an important player in the gas business.
Endesa is the leading power company in Spain, the largest private electricity utility in Latin America and is present in various European countries and Morocco. Endesa has total installed capacity of 40,000 MW, generates 130,000 GWh and has 25 million customers and 23,000 employees worldwide.
Endesa is part of the Enel group, the largest electric utility in Italy and the second largest in Europe by installed capacity. Enel is an integrated operator active in the energy and gas sector which is present in 40 countries worldwide, has net installed capacity of 97,000 MW and sells gas and electricity to over 61 million customers.
For more information, please contact:
Bite Communications – for Bolero
Tel: + 44 (0) 20 8741 1123