Trade finance digitisation specialist Bolero International has announced what it describes as the industry's first white-labelled trade portal-as-a-service solution for financial institutions.

Bolero claims its Galileo TPaaS for Banks offers a user experience that is simple, intuitive, and designed to give corporate customers greater autonomy in the management of their letters of credit (L/Cs), including standby L/Cs, guarantees and documentary collections transactions.

Leveraging the Bolero network

The solution's multi-banking capabilities over the Bolero network enable a bank's trade clients to bank in a new way.

Trade clients for the first time can execute transactions to all their banking partners from Galileo, which Bolero describes as an easy-to-use, intuitive, and robust all-in-one portal.

Bank benefits

This new solution is designed to help financial institutions deliver digital trade services to their trade clients whilst reducing the total cost of ownership in comparison to an in-house build or traditional software.

According to Bolero, banks may benefit from a greater scope of innovation through easy integration of external services within the product, improving customer experience and engagement, reducing client administration overheads for high-volume trade activity and increased customer satisfaction across all sizes of businesses.

The solution also enables digital trade services for a bank's trade clients on a portal tailored with their own logo and branding.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.