Part of one of the world's largest financial institutions has opted for Bolero, the online platform and rulebook for electronic trade, to provide letter of credit (L/C) support for its corporate customers.

ING Wholesale Banking will use BoleroAdvise and BoleroApply solutions to electronically automate the L/C process for ING customers.

Easier processing

By using these solutions, ING Wholesale Banking will be able to provide its corporate customers with documents in both PDF and XML formats, which Bolero says leads to easier distribution and downstream processing.

Bolero also claims its solutions will provide a clear audit trail for all L/C transactions and messages between parties, with information presented in a standard user-friendly format.

Functionality

Using Bolero, ING Wholesale Banking customers will be able to apply for and receive all their L/C advices electronically.

By removing paper-based mail and fax communications, Bolero says ING Wholesale Banking will help their corporate customers to benefit from the efficiency and accuracy of electronic processing by helping them to reduce costs from their financial supply chain.

Single view

Bolero also claims that by using its solutions, ING corporate customers will gain a single, consolidated view of all of their L/C positions across the multiple banks with which they work.

This is apparently the first time ING corporate customers have been able to gain such a broad view.

Additional functionality

ING says it already provided an electronic solution to help corporate customers process their L/Cs but opted for Bolero because it better provided them "a solution that would address the emerging requirement for multi-bank support around the automation of our clients financial supply chain," according to Global Head ING PCM Product, Channel & Solution Management, Frank Taal.

"Because Bolero offers a trusted 3rd party, secure, standards-based solution, we were able to make the deployment decision quickly, and the system has been easy to integrate with our existing operations. Bolero's non-invasive nature makes it an ideal partner for ING Wholesale Banking in providing bank-to-corporate-to-bank financial supply chain automation," Taal says.

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