Global commodities trader, Noble Group, has signed an agreement to implement Bolero's multi-bank trade finance service on a global basis in support of both letters of credit (L/Cs) and guarantees.

The group will start rolling out the service in Hong Kong before introducing it in other centres, including Singapore, Lausanne, Stamford, USA and London.

Efficiency drive

The solution should allow Noble Group to better manage its trade finance operations and improve the efficiency and effectiveness of its communications with partner banks worldwide.

With the Bolero solution running with all its core banks, Noble is hoping to save both time and costs across its trade finance operations.

Customer benefits

The commodities trader is also hoping that greater efficiency across these operations will benefit its trading partners as well as the group.

According to a spokesperson from Noble Group's treasury department, the commodities trader hopes that its decision will help influence other banks to adopt Bolero's open platform.

Bolero's ambitions

The Bolero multi-bank service enables the automation of the end-to-end life cycle of L/Cs and guarantee instruments for both importers and exporters and their banks.

The service includes a secure multi-bank communication channel, and Bolero hopes its solution will become the standard channel for multi-bank trade finance.

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