By Mark Ford

Australia and New Zealand Banking Group (ANZ) has gone live with Bolero's online platform, on which letter of credit (L/C) and bank guarantee business can be transacted over the Internet.

ANZ has gone for Bolero's multi-bank trade finance solution. This means that the bank's corporate customers will be able to manage trade finance instruments provided by ANZ and those arranged by different banks, all on one platform.

Corporate customers

ANZ is now live with major corporate customers in Asia, Europe and in North America and has plans to support other known Bolero customers now that this first implementation is complete.

The Bolero web-based trade finance solution enables the automation of the end-to-end lifecycle of documentary credits, standby L/Cs, guarantees, bonds and other traditional trade instruments for both importers and exporters.

Electronic presentation

Bolero also claims to provide a comprehensive solution set for electronic presentation of documents, including an electronic bill of lading.

Bolero's news that ANZ has gone live with its online platform is the first such announcement since September 2011 when the online technology provider said that Banco Santander had adopted its multi-bank trade finance solution.

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