Electronic trading platform provider Bolero has announced it will provide multi-bank platforms to HypoVereinsbank (HVB) and Fortis ECT Commodities.

The Bolero multi-bank service enables the automation of the end-to-end lifecycle of the letter of credit (L/C) and guarantee instruments for both importers and exporters.

HVB agreement

Under the new agreement with HVB, the bank will be providing Bolero multi-bank support to a number of known clients who are in the process of rolling out a Bolero based multi-bank solution either for L/Cs, for guarantees or for both.

HVB will also be working more closely with Bolero in support of future customers as well in providing input to Bolero's market direction.

Fortis integration

Separately, Fortis is to fully integrate Bolero's multi-banking trade platform into its back office systems with the aim of creating greater speed and efficiency and minimising risks on the bank's side.

Bolero will be made available through all Fortis ECT Commodities branches

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