With its powerful online Multi–Bank Guarantee Application, Bolero provides a simple to implement, browser-based, fast and efficient way to apply for Bank Guarantees with all the different banks you work with. These solutions are workflow supported, which means that processes are always applied consistently. This is very important in the current compliance environment where consistent applications of processes are key to maintaining operational control. Additionally, for every transaction, the Bolero Core Messaging Platform checks the identity of the parties that are involved as well as the integrity of the transaction data itself.
And should a dispute arise, Bolero as a Trusted Third Party will provide a full audit trail. By removing the traditional paper-based mail and fax communications used today, Bolero customers benefit from the efficiency and accuracy of electronic processing – saving both time and money – and, for the first time, gaining a single, unified view of all their outstanding Guarantees.
By having a single view of all Bank Guarantees, corporations are in a far better position to work with their banks to manage credit lines and improve cash positions by reducing the requirement for working capital. The introduction of structured, computer processable information helps to reduce the likelihood of rejection or errors in Guarantee Applications.
How does the Guarantee solution work?
Bolero is a multi-banking service that enables corporates to apply for Guarantees on the same platform, in the same format, regardless of the identity of the Applicants Bank. Bolero covers the Applications as well as the Notifications coming back from the Issuing Bank. Furthermore, it also addresses the amendments process. Finally, the application can be used for any type of Guarantees. That means that Bolero helps to bring together the information for all guarantee activity from all banking partners, enabling a Corporate to establish the overall picture of their Guarantee positions.
The Guarantees solution utilizes the powerful Bolero Approvals Module which allows for the management of simple to complex approval and authorization processes.
To simplify guarantee applications, the Bolero Guarantee Application incorporates powerful template and intelligent clause management capabilities which minimises data entry and formalises common text or business rules.
The Bolero Guarantee Application and the Bolero message infrastructure (Bolero Open4Trade) both formally manage text attachments to a Guarantee application as part of the same message, which is essential to support the normal collaboration regarding standard terms and clauses as word documents or pdfs or other formats.
The amendment process has long been a challenging one. Not anymore. All amendments are held in a file using the unique customer Guarantee number as well as the issuing bank’s unique identifier ensuring that there is a complete sequential and chronological order of all changes to a Guarantee.
The principal user interaction is through the consolidated Guarantees Dashboard which brings together information for all guarantees and all banks. The Dashboard can be configured to customer need and different versions available to different parts of the organization. Filtering capabilities make it easy to drill down on specific guarantees and drive reporting.
To ensure interoperability with other business processes and compliance with industry best practice, Bolero is designed to be fully interoperable and compliant with all standards, including SWIFT, URDG etc.