Standard Chartered Bank and Bolero International have entered into a joint agreement.
With this agreement, Standard Chartered and Bolero will provide multi-bank services to its customers globally. The Bolero multi-bank service automates the end-to-end lifecycle of the Letter of Credit and Guarantee instruments for both Importers and Exporters removing substantially the costs complexity, discrepancies and time delays associated with the traditional paper based or partially electronic processes.
“This agreement with Bolero recognises the fundamental shift to corporate-centric multi-bank automation,” says Tan Kah Chye, Global Head of Trade Finance, Transaction Banking at Standard Chartered. “We believe this is a step forward in the right direction to leverage the value of the Bolero multi-bank initiative.”
Arthur Vonchek, CEO of Bolero adds: “The market for multi-bank solutions is growing rapidly. Until recently this has been stimulated by typically large global corporations in pursuit of reduced costs, optimised working capital and the removal of time delays and bottlenecks in the global supply chain. We are thrilled that Standard Chartered has shown the initiative to drive this agreement with Bolero.”