Bolero and TWIST have jointly announced Monday a cooperation agreement to help further promote momentum in the effective delivery of standards in the corporate to bank space. Under this Agreement Bolero will become a Member and Sponsor of TWIST.
Bolero has demonstrated strong adoption of its leading multi-bank Letter of Credit automation platform by corporations and banks. This is driving the standardization of these processes as well as providing a robust and secure platform meeting the interoperability, security, compliance, neutrality and business process needs of both communities, the companies said in a news release. Adding this experience and knowledge capital to the TWIST program will help to ensure further standardization as well as acceleration of the adoption of standards in this space.
“There is a fundamental shift underway from proprietary bank-centric solutions to corporate centric multi-banking and standards,” said Arthur Vonchek, CEO of Bolero. “TWIST’s emergence in support of the standardization of transactions between banks and their corporate customers is a very important initiative for the industry. In pursuit of the same strategic goals cooperation between TWIST and Bolero will provide clear added value for our customers and the community in general as well as reciprocal value.”
As part of this agreement Bolero will participate in defined working groups including those directly related to trade finance. Bolero will contribute its knowledge capital in standards for the end-to-end Letter of Credit and Guarantees processes between corporates and their banks, as a basis for the creation of formalized TWIST standards. Bolero will support the mapping of these TWIST standards onto the Bolero Multi-Bank automation platform.
“The domain expertise Bolero has gathered in the effective implementation of the entire Letter of Credit and Guarantees lifecycles for both importers and exports and their banking partners has resulted in a unique understanding of the standards required to support this activity between the Corporate and its Banks,” said Tom Buschman, TWIST chairman & CEO. “Contributing this knowledge capital to the TWIST program provides a fast-start to the effective adoption of TWIST standards in this space.”