With this agreement, SEB 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.

Lars Millberg, Global Head, Trade Finance, Global Transaction Services at SEB says: “We have actively supported the Bolero multi-bank channel for a number of our key corporate customers and clearly understand the value provided by multi-banking solutions. It is clear that this has allowed us to develop a closer relationship with these customers. There is no doubt that the market for multi-banking solutions is growing rapidly and our decision to partner with Bolero confirms SEB’s commitment to the needs of its customers as well as to the provision of a standardised multi-banking channel”.

As a neutral third party messaging platform it ensures ease of inter-operability for both Corporate and its Banks and a high level of straight through automation and eliminates the need for the corporate or the bank to build multiple expensive peer-to-peer integration connections.

By automating the Trade Finance Process including the electronic channel to its multiple banking partners, a corporate can have the benefit of a risk mitigation instrument without the majority of costs and issues traditionally associated with the Letter of Credit. This allows a corporate to reduce time, cost and complexity providing visibility and certainty, eliminating errors and allowing it to manage working capital more effectively.

“SEB have shown both a willingness to understand and support their customers as well as true leadership in this area.” said Claire Buchanan, Senior Vice President, Global Field Operations at Bolero. “We have an excellent working relationship with SEB and are delighted with their decision to standardise on the Bolero Multi-Banking platform. We look forward to working even more closely with SEB and with our corporate clients as this huge market continues to evolve.”

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