Bolero for Import L/Cs is a multi-banking service that enables corporates to apply for Import L/C’s in the same format, regardless of the identity of the Issuing Bank.
Bolero for Import L/Cs manages the Applications as well as the Notifications coming back from the Issuing Bank. Furthermore, it also addresses the amendments process. 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 L/C applications.
User interaction is via an Import L/C Dashboard which provides consolidated visibility of all L/C applications across all banks, together with the ability to easily filter, report or take action related to a given L/C.
Initial creation of the L/C application is enhanced by powerful template and intelligent clause management capabilities which minimises data entry and formalises the common text or business rules related to particular products, banks, geographies etc.
The approval process is managed through the common Authorisations Module which is easily configured to support simple to complex multi-layered authorisation processes.
Because this application uses the underlying Bolero messaging infrastructure (Bolero Open4Trade) for electronic communication with all issuing banks, delivery is guaranteed, and the bank will benefit from the receipt of high quality structured data, eliminating the need to re-key into the bank back-office application. In addition, as all Bolero messages are time-stamped and as there is immediate notification of any message receipt, it is possible to support enhanced collaborative processes including SLAs related to time from application to notification of an issued L/C.
As part of the Presentations functionality, the application will also provide visibility of compliant presentations and support for the handling of discrepancies.
The application can be used for any type of L/C, including Standby’s.
To ensure interoperability with other business processes and compliance with industry best practice, Bolero for Import L/Cs is designed to be fully interoperable and compliant with the ICC’s UCP and eUCP and with Swift’s Category 7 Standards.