The need for multi-bank platforms has grown as corporates find it increasingly difficult to adapt business process and technology for each bank’s proprietary technology. The platform will allow Bank of America customers to automate the lifecycle of instruments such as Letters of Credit, providing significant cost savings and reducing time delays associated with traditional paper based or partially electronic processes. By creating efficiency in the trade finance process, corporates can eliminate errors and manage working capital more effectively.
Paul Johnson, Senior Vice President Global Product and Strategy at Bank of America says: "Working closely with our global customers, we witnessed the growing need for a multi-bank solution to automate the trade finance process across a corporate customer’s community of banks. Traditionally these platforms have been provided by large corporations, but banks must embrace multi-banking services in trade finance as an inevitable future requirement. Bank of America’s alliance with Bolero illustrates our commitment to providing customers with sophisticated trade and supply chain solutions."
"We are delighted to have Bank of America join the fast growing Bolero Multi-Bank community" said Arthur Vonchek, CEO of Bolero. "This demonstrates the Bank’s desire to deliver real value to its global corporate customers. As the market for multi-bank trade finance solutions grows, major banks are realising the need to support a robust standard which meets a bank’s need for security, compliance and Straight Through Processing (STP), avoiding the risk that they will be forced by individual customers to build custom integration to proprietary corporate solutions."
Paul Johnson, Senior Vice President Global Product and Strategy at Bank of America says: "Working closely with our global customers, we witnessed the growing need for a multi-bank solution to automate the trade finance process across a corporate customer’s community of banks. Traditionally these platforms have been provided by large corporations, but banks must embrace multi-banking services in trade finance as an inevitable future requirement. Bank of America’s alliance with Bolero illustrates our commitment to providing customers with sophisticated trade and supply chain solutions."
"We are delighted to have Bank of America join the fast growing Bolero Multi-Bank community" said Arthur Vonchek, CEO of Bolero. "This demonstrates the Bank’s desire to deliver real value to its global corporate customers. As the market for multi-bank trade finance solutions grows, major banks are realising the need to support a robust standard which meets a bank’s need for security, compliance and Straight Through Processing (STP), avoiding the risk that they will be forced by individual customers to build custom integration to proprietary corporate solutions."
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America’s Global Treasury Services (GTS) is a leading global provider of integrated working capital management and treasury solutions to business and corporate clients of all sizes, financial institutions and governments worldwide.
www.bankofamerica.com
Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
Bank of America’s Global Treasury Services (GTS) is a leading global provider of integrated working capital management and treasury solutions to business and corporate clients of all sizes, financial institutions and governments worldwide.
www.bankofamerica.com
About Bolero
Bolero was created as a neutral, trusted third party to develop a comprehensive set of standards that would remove the barriers to global, cross-enterprise business. Bolero implements and enforces these standards in an open platform to enable paperless trading between buyers, sellers, logistics, banks, agencies and regulatory authorities anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.
Building on this platform, Bolero delivers applications that enable the merging of the Physical and Financial Supply Chains, allowing companies to fundamentally re-engineer the way that business is done and take advantage of electronic trading. Customers and their trade partners are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency.
For more information, please visit www.bolero.net
Bolero was created as a neutral, trusted third party to develop a comprehensive set of standards that would remove the barriers to global, cross-enterprise business. Bolero implements and enforces these standards in an open platform to enable paperless trading between buyers, sellers, logistics, banks, agencies and regulatory authorities anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.
Building on this platform, Bolero delivers applications that enable the merging of the Physical and Financial Supply Chains, allowing companies to fundamentally re-engineer the way that business is done and take advantage of electronic trading. Customers and their trade partners are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency.
For more information, please visit www.bolero.net