Cameron selects Bolero for multi-bank management of Standby Letters of Credit
Wednesday, November 30, 2011
November 2011, Houston, TX and London. Bolero has announced that Cameron (NYSE: CAM), a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries, has signed an agreement to use Bolero’s multi-bank trade finance solution for the control and management of standby letters of credit across the company. Cameron, which is headquartered in Houston, Texas, USA employs more than 20,000 people across more than 300 locations globally. The Bolero solution will be used to provide centralisation of the management of standbys as well as providing visibility at cost centre, regional and global levels.
Keith Jennings, VP & Treasurer at Cameron says “As a leading global company we are constantly looking for improved visibility in our global trade finance activities and improved efficiencies through collaboration with our partner banks. Of particular importance to our decision was the evidence of the service demonstrated by the number of corporates and banks already live on the Bolero network. The automated internal approvals and authorizations features of the Bolero solution, together with the legally binding nature of the Bolero network will enable greater levels of efficiency, control and the removal of a significant amount of paper from the process”.
The Bolero collaborative trade finance service enables the automation of the end-to-end lifecycle of the Documentary Credit, Standby Letters of Credit, Guarantees, Bonds and other traditional trade 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.
Fulton Croos-Moraes, Regional Treasury Manager at Cameron, said: “We selected Bolero after an extensive evaluation of the market and including discussion with all of our major partner banks. As a result we scrutinized possible solutions in great detail with respect to current availability and proven live use and insisted on multiple reference customers. We were impressed with the willingness of major Bolero corporate customers to act as a positive reference.
“It has been a pleasure working with the team at Cameron during their detailed evaluation phase.” said Claire Buchanan, SVP, Global Field Operations at Bolero. “The professionalism they have shown in reaching this decision provides an ideal foundation for partnership between Cameron and Bolero as they prepare to go live over the next few weeks.”
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 Bolero multi-banking channel which provides a single channel to banks and ensures security, legal certainty, non-repudiation and document originality. All Bolero services are deployed for multi-bank use by corporate customers, while at the same time providing a single multi-corporate 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 rapid adoption in this space. Most recently Bolero has added comprehensive ePresentation (electronic document presentation) capability to its live global service.
“We are delighted that a leading company such as Cameron has decided to utilise the Bolero multi-bank service,” says Arthur Vonchek, CEO at Bolero “This opportunity has also provided us with another substantive foundation as we focus more and more on the North American market”.
About Cameron:
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries. Leveraging its global manufacturing, engineering and sales and service network, Cameron works with drilling contractors, oil & gas producers, pipeline operators, refiners and other process owners to control, direct, adjust, process, measure and compress pressures and flows.
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