Bolero, the online platform and rulebook for trade financing transacted over the Internet, has announced that one of Australia and New Zealand's leading banking groups has successfully implemented an electronic Letter of Credit Advise (L/CA) solution for what it describes as "a major Australian exporting organisation."

Through Westpac Banking Corporation advising letters of credit (L/Cs) using Bolero Advise, the exporter can download its L/C advices in either PDF or XML format for electronic distribution within the organisation.

Benefit claims

Bolero says the solution improves transaction visibility, removes the need to re-key data, enhances accuracy and simplifies downstream processes. It also claims to improve the timeliness of response while reducing the processing cost.

Westpac's International Head of Business, John Kerr, sees the arrangement as one that will help the bank become "the trade finance provider of choice in Australia,New Zealand and Pacific Region for the international banking needs of all sizes of business."

Competitive differentiation

Bolero is thus apparently part of Westpac's strategy for "providing our international banking customers with a clear competitive differentiation," he says.

According to Kerr, the major Australian exporter customer that both the bank and Bolero seem reluctant to name, "is already speeding its time to order fulfilment, and clearly seeing the potential for accelerated cash flow."

Audit trail

Bolero Advise claims to provide exporters with an accessible and easy-to-install multi-banking service that allows them to receive all their documentary credit advices on the same platform, in the same format, regardless of the identity of the advising bank.

As well as providing a clear audit trail, Bolero Advise allows exporters to view, print and download L/Cs for processing.

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