A major provider of process solutions, technologies and services for the mining and metallurgical industries has signed an agreement to use Bolero's Multi-Bank Trade Finance service.

Finland's Outotec will use the online platform on which trade finance can be transacted for the management of export letters of credit (L/Cs) and guarantees.

L/C usage

By using the Multi-Bank Trade Finance platform, Outotec hopes to be able to significantly simplify the management of export L/Cs and guarantees.

This is because the Bolero solution should enable the company to use a single multi-bank solution, rather than having to deal with the different solutions offered by its partner banks.

Additional benefits

Authorisations and approvals will be formalised and automated using the solution, which should also provide Outotec with improved visibility over its trade finance transactions worldwide.

Outotec is scheduled to go live on Bolero with the first of its partner banks during October.

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