Import Letter of Credit
Bolero's Import LC Application is a multi-banking solution that enables corporates to apply for Import LC’s in the same format, regardless of the identity of the Issuing Bank.
User interaction is via an Import LC Dashboard which provides consolidated visibility of all LC applications across all banks, together with the ability to easily filter, report or take action related to a given LC. Standby LCs are also fully supported through the application.
Bolero Import LC Application manages the lifecycle of the LC, from application through to any notifications and amendments coming back from the Issuing Bank. The solution incorporates a powerful workflow engine ensuring consistent application of business process and support for a hierarchical approval matrix if required 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 Exchange Platform checks the identity of the parties that are involved as well as the integrity of the transaction data itself.
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 LC applications.