A financial services group in the Nordic and Baltic region, Nordea, and the neutral secure platform enabling paperless trading, Bolero International, have entered into an agreement that allows Nordea to offer Bolero's automated letter of credit (L/C) solution to more customers.

The solution is provided via Bolero's multi-bank service, which automates the end-to-end lifecycle of L/Cs and guarantee instruments for both importers and exporters. This according to Bolero means fewer discrepancies and time delays compared with traditional paper based or partially electronic processes.

More customers

Nordea says it is already live on the Bolero multi-bank service with a Finnish global customer and is now in a position to extend this service to more clients.

"We are now supporting the Bolero multi-bank channel for a number of our corporate customers and see the value provided by multi-banking solutions," says Nordea's head of trade and project finance, Claus Asbjørn Stehr.

Growing market

He is confident of the future for automated L/C solutions that work with several banks and eliminate the need for corporates to maintain numerous customer specific interfaces or manual processes.

"There is no doubt that the market for multi-banking solutions is growing," Stehr reckons.

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