Italian banking group Intesa Sanpaolo has used Bolero's ePresentation to become the first nationwide Italian bank to issue an electronic import letter of credit (L/C).

According to Bolero, the use of this electronic trade instrument substantially reduced the time it took to administer a transaction involving a major Italian thermoplastics company and its Indian supplier.

Italian first

Intesa Sanpaolo's Global Transaction Banking department introduced the transaction as part of its drive to increase digital innovation in trade finance.

The bank's partnership with Bolero International for this first in Italian trade finance required full involvement of the main players in the supply chain including beneficiaries, shipping company customers and freight forwarders.

It allowed all stakeholders to take advantage of ePresentation without having to use time consuming paper-based processes.

Improved workflow

The use of an electronic import L/C generated a faster and more efficient workflow, which Bolero says allowed all the parties involved in the transaction to benefit directly as well as indirectly.

Intesa Sanpaolo can now offer this service for both for export and import transactions to all clients connected to the global Bolero network

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