Bolero is the leading global provider of multi-bank trade finance solutions, delivered through a combination of functionally rich multi-bank trade finance applications and Bolero’s unique neutral, secure and legally binding electronic communication channel (messaging infrastructure) designed specifically to enable collaborative multi-bank trade finance flows between corporates and banks.
Bolero was the first company to be able to deliver an eUCP compliant solution and now has a number of corporate customers presenting documents to their banks electronically.
Bolero provides electronic communication channel and application solutions for the management of:
- Export Letters of Credit
- Import Letters of Credit
- Guarantees (applicant and beneficiary)
- Documentary Collections
- Electronic Document Presentation (ePresentation)
- Supply Chain Finance
The Bolero messaging infrastructure (Bolero Open4Trade) consists of a Core Messaging Platform, Comprehensive Multi-Bank XML message formats (collaboration libraries), the Title Registry and the multi-party legal Rulebook. This channel is truly open using internet and industry standard messaging protocols and does not require the corporate to use a specific transport channel like SWIFT.
As a neutral channel, this provides full insulation between bank and corporate ensuring;
- a single standard gateway to the bank for all corporates regardless of the application solution selected by the corporate and,
- similarly provides a true multi-bank gateway for the corporate regardless of the specific technology adopted by each bank
The Bolero message formats are comprehensive and map 1:1 to the actual corporate-bank message flows. Bolero also provides external mapping to any existing standard (e.g. the local DTA standard widely used by Banks and Corporates in Germany).Mapping to SWIFT’s MT798 format will also become available once there is confirmation of general market adoption.
Multi-Bank Solutions for the Management of Letters of Credit, Guarantees and Collections
Solutions for the management of Letters of Credit (L/C), Guarantees and Collections have until recently primarily been delivered by banks to their customers as part of a range of services intended to lock the customer in to each individual bank’s service offerings.
Particularly for large corporations who deal with a significant number of banks globally, this made it almost impossible for the corporate to provide a consolidated view of the volume and status of L/Cs (for example) at any point in time.
Over the past 7 years Bolero has developed, in conjunction with a growing number of global corporate and commodity trader customers and banks, a comprehensive range of web applications delivered as a global hosted service (known as “Bolero 4Business”).
Bolero enables a range of solution options for corporate clients:
- Web-hosted multi-bank solutions delivered as a global service – built by Bolero as a complementary offering to the Bolero infrastructure. These Bolero solutions (Bolero 4Business) support the full breadth of trade finance requirements from Export LC, Import LC, Applicant and Beneficiary side Guarantees, Sureties, Standbys and Bonds, Documentary Collections and ePresentations.
- Bolero-enablement of traditional on-premise and other 3rd party industry-specific multi-bank trade finance solutions (for example. COR-TF from Surecomp).
- Bolero-enablement of customer specific solutions or customer-specific ERP extensions.