Another major bank has decide to use Bolero, the online platform and rulebook for electronic trade, to provide letter of credit (L/C) support for its customers.

HypoVereinsbank - one of Germany's leading banks and a member of the UniCredit Group - follows the likes of ING Wholesale Banking, Dresdner Bank and HSH Nordbank that have recently adopted Bolero solutions for their trade finance offerings. (DC World, 7 November 2005 & 22 November 2005).

Security

HypoVereinsbank will use BoleroAdvise and BoleroApply solutions to automate electronically the L/C process for its customers.

The solutions claim to enable the bank to offer its corporate customers another secure electronic L/C application with multi-bank capability. In this context the Bolero platform compliments the German bank's existing trade solutions and allows its corporate customers to electronically communicate with trade finance partners worldwide.

Compatability

"The fact that Bolero is a trusted third party and a standards-based provider of secure trade gateways made the decision to opt for its solutions a simple one," says Product Manager Trade and Payments Products, Manfred Lutz, who explains how the new solutions fit with HVB's existing ones.

"Bolero offers a fully hosted solution that requires minimal integration on our part and compliments our current bank-client messaging using the German DTA-standard," he says.

Benefits

The Bolero L/C Application Suite claims to provide a trusted and neutral third-party solution for secure electronic bank-to-corporate financial supply chain automation to replace paper-based mail and fax communications with a standard online interface.

BoleroApply aims to help corporates manage and optimise multiple credit lines, while BoleroAdvise is designed to support electronic downstream processing, reduce errors through incorrect data entry, and accelerate procure-to-pay and order-to-cash cycles.

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