Bolero, the electronic platform on which various types of trade transactions can be conducted in a secure online environment, has announced two new solutions that aim to cut documentary credit processing costs by replacing procedures hitherto executed by mail or fax with alternative electronic systems.

The solutions offer fully automated translation capability between SWIFT MT700 and boleroXML standards and can be provided in generic or customised, bank branded versions.

Two solutions

BoleroAdvise claims to offer banks cost savings and quality improvements in their existing documentary credit advice services to exporters through the provision of a Bolero's web-based XML messaging solution.

BoleroApply claims to provide a solution for banks to improve the quality of services they offer to importers in the opening of documentary credit transactions. It also includes a pre-advice capability to exporters.

French test

A group of French institutions including BNP Paribas, Societe Generale, Natexis Banque Populaire, Credit Agricole Indosuez and HSBC/CCF have already planned a rollout of the new BoleroAdvise solution according to a statement issued by Bolero.

Raanan Barzel of Global Trade Services, BNP Paribas says the low capital costs and transaction based pricing of BoleroAdvise will allow the bank to undertake a broad rollout to its customer base. "There is an excellent fit between the new incremental approach Bolero has established and BNP's trade finance strategy in offering higher value added services," he adds.

Rapid implementation

Bolero says that its solutions are simple and quick to implement and can be delivered in a standard or in a customised, bank branded form. The company says its solutions require low levels of capital investment and maintenance, and because they are delivered as on-line services, they require minimal installation and IT effort.

The packaged solutions aim to help banks to rapidly implement and offer Bolero backed, bank branded, services to their customers. Each of the service solutions can be implemented, and incorporated into a banks range of trade services, independently or as groups.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.