BMO Financial Group selects Bolero Multi-Bank Trade Finance service
Wednesday, September 21, 2011
September 2011, Montreal and London. Bolero has announced that BMO Financial Group (BMO Capital Markets) has signed an agreement which will allow the bank to use Bolero’s multi-bank collaborative trade finance service. BMO has already agreed to use this multi-bank service with one of its major global corporate customers.
The Bolero collaborative trade finance service enables the automation of the end-to-end lifecycle of the Letter of Credit and Guarantee instruments for both Importers and Exporters over a highly secure neutral and standardised channel. In addition, Bolero uniquely provides support for fully electronic presentation of documents including a proven electronic bill of lading (eBL). A fast growing number of Corporates are now utilising the Bolero service in collaboration with their partner banks, clearly positioning Bolero as the channel of choice for multi-bank trade finance.
Sara Joyce, Executive Managing Director, Head of International Financial Institutions and Trade Finance at BMO Capital Markets, said: “BMO is very focused on the requirements of its corporate customers. Following an enquiry from one of our major customers, it quickly became clear that adoption of this service would provide significant benefits. We are delighted that we are now in a position to fully support the Bolero service and we are interested to see how we can utilise this service with other BMO customers.”
“We are very excited with BMO’s decision to provide the Bolero multi-bank service, particularly as they have shown real leadership in the Canadian market.” said Claire Buchanan, SVP, Global Field Operations at Bolero. “We have quickly established a positive and constructive partnership with BMO and look forward to working closely with their trade finance specialists as they go live with their first corporate customer in the very near future.”
Bolero provides comprehensive Trade Finance applications delivered as web-based SaaS (software as a service) solutions enabling speedy adoption, minimal infrastructure costs and flexible use. Underlying these applications is the unique Bolero electronic multi-banking channel solution which ensures security, legal certainty, non-repudiation and document originality. All Bolero services are deployed for effortless upgrade to full multi-bank use for corporate customers, while at the same time providing a single multi-corporate electronic channel for each bank. Bolero prevents both communities from needing to support multiple bank and/or corporate specific processes, interfaces and data formats, clearly driving standardisation in this space.
“As the number of banks supporting Bolero rapidly increases, we are very pleased to welcome a major Canadian bank to the Bolero community of corporates, commodity traders, financial institutions and logistics service providers,” says Arthur Vonchek, CEO at Bolero. “The growth of our community is based on rapid deployment, live operation and proven success and, of course, the continued increase in the number of banks and corporates transacting live on our multi-bank service.”
About BMO Financial Group:
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $499 billion and more than 47,000 employees as of July 31, 2011, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.
About Bolero:
Founded in 1998, with significant backing from the bank community and from the global logistics industry, Bolero was created as a neutral, trusted third party to develop an open and legally certain platform to deliver paperless trading between buyers, sellers, financial institutions and logistics service providers anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.
Today Bolero brings Corporates, Commodity Traders and their Banks together to share the benefits of collaborative Trade Finance, providing an open, neutral and secure multi-party channel designed specifically for the fully electronic communication of trade and trade finance documents and related messages. In addition Bolero delivers powerful collaborative Trade Finance solutions delivered as a global hosted service reducing the cost of deployment and substantially reducing the time to benefit.
Corporates, Commodity Traders and their partner Banks are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency. For more information, please visit www.bolero.net
For more information, please contact:
Bite Communications – for Bolero
Tel: + 44 (0) 20 8741 1123
bolero@bitepr.com