- Multiple branches and customers now live on Bolero platform
- Bolero used for first copper commodity trade with Yanggu Xiangguang Copper Co. Ltd
- Full end to end electronic presentation under eUCP including electronic bills of lading
London, 17 September 2013: Agricultural Bank of China (ABC), one of the ‘big four’ Chinese banks, has confirmed it is using Bolero across multiple branches to meet growing demand for electronic presentations. ABC was the first of the big four banks ready to use the trade finance platform, which now forms a key part of its trade finance product pipeline for domestic and foreign trade.
Bolero has since been used for multiple commodity transactions. Most recently, these have included a major iron ore deal for the Shagang Group and the first ever electronic presentation for a copper transaction, worth over USD $21m, for Yanggu Xiangguang Copper Co. Ltd, the largest ePresentation deal amount to be carried out by one of the four principal banks.
Significantly, ABC’s move to ePresentations highlights a growing appetite in the market for electronic processes. The types of documents concerned include those issued under a letter of credit and electronic Bills of Lading, essential requirements for international shipping.
The bank has confirmed that promoting local and overseas linkages and enhancing cross-border financial service capabilities is a key part of its international development strategy. Its current trade finance and product pipeline covers domestic and foreign trade, denominated in local and foreign currencies.
Arthur Vonchek, CEO of Bolero, said: “As this latest agreement with ABC shows, Chinese corporate customers and banks are realising the important competitive and relationship-building opportunities that can result from the widespread use of electronic processes in support of trade and trade finance.
“Bolero’s deep domain knowledge of both finance and shipping, combined with immediate access to an established network of trade banks and logistics partners, is the reason why it has increasingly become the preferred option for ‘big four’ Chinese banks and multiple commodity trades. The ability to tap into an immediate network of trade partners is imperative for eUCP transactions and allows banks to respond to customer demand within days, with no requirement to invest in complex pilot or proof of concept projects.”
Bolero’s comprehensive trade finance applications are delivered as web-based SaaS (software-as-a-service) solutions, enabling speedy adoption, minimal infrastructure and flexible use. Its electronic multi-party channel solution is specifically designed to ensure security, legal certainty, non-repudiation and document originality for all types of financial and shipping documentation.
Bolero is a cloud-based platform which provides a different way to implement multi-bank trade finance solutions.
Unlike traditional point to point approaches which are costly, complex and uncertain, Bolero’s cloud architecture ensures fast deployment, ease of use and global access together with no infrastructure costs. Users benefit from accelerated time to cash, reduced costs, greater control and visibility and operational efficiencies.
Because trade finance involves collaboration between multiple parties, all Bolero Applications are built on the Bolero Exchange, a collaborative platform which supports all trade flows between all parties and across all locations. Each Bolero member only needs to connect once and then has common access to all other community members whilst remaining completely insulated from a trade partner’s specific technology and business process.
Bolero is more than a technology solution – it is a community of corporates, banks, insurers and logistics service providers operating in more than 30 countries and managing more than 400,000 trade transactions per month.
For more information, please contact:
The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727313