London, 10th November 2020 – Bolero International, the leading cloud-based trade finance digitisation experts, announced today their new partnership with Mitigram, the online global platform for funding and hedging trade risk.
The two fintechs will provide corporates and banks with a one-stop-shop for trade transactions, combining the advantages of Bolero’s highly advanced Galileo trade digitisation platform and electronic bill of lading, with the world’s largest pricing discovery and collaboration network from powered by Mitigram. For corporate clients the benefits will be substantial, enabling them to bring together two linked, but currently separate, operations, powered by Bolero’s vision to bring seamless end-to-end experiences to the corporate treasury function and banks alike.
Creating immediate value for customers, this will provide a complete, end-to-end service through the entire lifecycle of an import/export deal. For the first time, from within Galileo, a corporate customer wishing to conduct a transaction will be able to request and compare quotes from multiple banks on the pricing of risk mitigation and financing. This seamless service will continue through to the handling of the trade finance with the selected bank and the conduct of the transaction using paper and/or electronic documents on Galileo. Likewise, from a pre-trade request tendered on Mitigram to assess banks’ availability for risk cover and financing, a corporate customer will be able to issue instructions to its partner banks on Galileo achieving straight-through execution.
Andrew Raymond, CEO, Bolero said: “This partnership with Mitigram will deliver substantial added value for customers on both sides in a vitally important area. Bolero customers will find it far easier to access competitive financing and risk mitigation for special transactions and Mitigram customers will be able to conduct transactions on
Galileo, enjoying all the huge advantages of Bolero’s advanced trade digitisation solution, which is safer, smarter and faster.”
Milena Torciano, CEO, Mitigram said: “Combining Mitigram’s world-leading market network with Bolero’s new Galileo platform will bring customers what they have long wanted from the digitisation of trade, making day-to-day conduct of trade easier for corporates and banks alike and existing technology solutions interoperable. Our partnership with Bolero joins up two adjacent, but previously siloed processes, providing a genuinely seamless experience for corporate treasuries. By combining our two very extensive networks of partners and customers, we will drive adoption, removing the admin burden and lack of transparency from finance and risk in world trade.”
Bolero, an acknowledged expert in trade finance digitisation, launched its cutting-edge Galileo platform in February. Through advanced functionality, Galileo future-proofs digital trade services for corporate treasuries, transforming efficiency by enabling management of all credit lines with multiple banks through a single, consolidated view with a highly intuitive interface.
Seamless integration with banks and other third-party systems delivers end-to-end visibility enabling treasuries to use just one log-in to create, edit and manage multiple letters of credit, electronic presentations and guarantees, as well as open account transactions and electronic bills of lading.
Users can also opt to subscribe to value-added services in areas such as compliance and e-certificates of origin, reducing discrepancies, transforming financing, collaboration, pricing and reporting
Mitigram is the premier global online platform for funding and hedging the risk of trade. Adopted by multi-national corporations, leading commodity traders and many of the world’s largest banks, Mitigram offers a collaborative, efficient and cost-effective way for corporations to securely interact with their financial institutions in the negotiation of trade finance, bonding & guarantees and risk mitigation. Mitigram also allows banks to collaborate with each other and with non-bank financial institutions in the exchange of information to allow for trade finance needs to be effectively communicated and redistributed. The platform provides access to an
extended network of counterparties supports comprehensive automated quotation workflows and provides all parties with a better understanding of market pricing.
Launched in 2015, Mitigram has facilitated over $55 billion of trade finance in 100+ countries, covering the risks of over 1000 issuing banks in both developed and emerging markets.
For more information, please contact:
The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727313