Bolero has announced it is to work with Dresdner Bank with the aim of providing the bank's corporate customers with an electronic gateway to all their trade finance transactions, including letters of credit (L/Cs).

This is the latest in a string of apparently significant announcements by Bolero. It recently said one of the world's largest financial institutions, ING Wholesale Banking, would use BoleroAdvise and BoleroApply solutions to electronically automate the L/C process for its customers. (DC World News, 7 November 2005).

DTA standard

Dresdner Bank, a unit of insurer Allianz AG, will also be looking at the BoleroAdvise and BoleroApply solutions in its work with Bolero.

The idea is that the bank and Bolero will extend the bank's communications and e-commerce services by providing corporate customers with a service compliant with the German DTA standard format for corporate-to-bank communications.

Consistent format

The DTA standard for documentary credits was developed by members of the Zentraler Kreditausschuss (ZK), the organisation made up of members of Germany's various financial institutions.

The ZK's aim in creating the DTA standard was to establish a consistent format for messages, including those sent and received in the processes of L/C advices and applications.

Dresdner customers such as the Switzerland's Glencore group are already using BoleroAdvise and BoleroApply. (DC World News, 29 March 2005).

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