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.
Tan Kah Chye, Global Head of Trade Finance, Transaction Banking at Standard Chartered says: “At Standard Chartered we have invested substantially in developing leading edge services for our global customers. This agreement with Bolero recognises the fundamental shift to corporate-centric multi-bank automation and the desire by Standard Chartered to continue to add value to its corporate customers. For some time we have been at the forefront of the use of technology in pursuit of corporate services and we believe this is a step forward in the right direction to leverage the value of the Bolero multi-bank initiative.”
“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, optimized working capital and the removal of time delays and bottlenecks in the global supply chain. The decision by Standard Chartered to fully endorse the Bolero multi-bank platform shows their leadership in driving value to their corporate customers and signals the beginning of significant change in the future relationship between a corporate and its partner banks” said Arthur Vonchek, CEO of Bolero. “We are thrilled that Standard Chartered, one of the leading and most respected global trade banks, has shown the initiative to drive this agreement with Bolero.”
About Standard Chartered – leading sia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countriesthe Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and thAmericas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at thheart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market. With strong organic growth supported by strategic alliances anacquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emergtrade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovativeproducts and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensurethat the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For more information on Standard Chartered, please log on to
www.standardchartered.com
Tan Kah Chye, Global Head of Trade Finance, Transaction Banking at Standard Chartered says: “At Standard Chartered we have invested substantially in developing leading edge services for our global customers. This agreement with Bolero recognises the fundamental shift to corporate-centric multi-bank automation and the desire by Standard Chartered to continue to add value to its corporate customers. For some time we have been at the forefront of the use of technology in pursuit of corporate services and we believe this is a step forward in the right direction to leverage the value of the Bolero multi-bank initiative.”
“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, optimized working capital and the removal of time delays and bottlenecks in the global supply chain. The decision by Standard Chartered to fully endorse the Bolero multi-bank platform shows their leadership in driving value to their corporate customers and signals the beginning of significant change in the future relationship between a corporate and its partner banks” said Arthur Vonchek, CEO of Bolero. “We are thrilled that Standard Chartered, one of the leading and most respected global trade banks, has shown the initiative to drive this agreement with Bolero.”
About Standard Chartered – leading sia, Africa and the Middle East
Standard Chartered PLC is listed on both the London Stock Exchange and the Hong Kong Stock Exchange and is consistently ranked in the top 25 among FTSE-100 companies by market capitalisation.
Standard Chartered has a history of over 150 years in banking and operates in many of the world's fastest-growing markets with an extensive global network of over 1,400 branches (including subsidiaries, associates and joint ventures) in over 50 countriesthe Asia Pacific Region, South Asia, the Middle East, Africa, the United Kingdom and thAmericas.
As one of the world's most international banks, Standard Chartered employs almost 60,000 people, representing over 100 nationalities, worldwide. This diversity lies at thheart of the Bank's values and supports the Bank's growth as the world increasingly becomes one market. With strong organic growth supported by strategic alliances anacquisitions and driven by its strengths in the balance and diversity of its business, products, geography and people, Standard Chartered is well positioned in the emergtrade corridors of Asia, Africa and the Middle East.
Standard Chartered derives over 90 per cent of profits from Asia, Africa and the Middle East. Serving both Consumer and Wholesale Banking customers worldwide, the Bank combines deep local knowledge with global capability to offer a wide range of innovativeproducts and services as well as award-winning solutions.
Trusted across its network for its standard of governance and corporate responsibility, Standard Chartered takes a long term view of the consequences of its actions to ensurethat the Bank builds a sustainable business through social inclusion, environmental protection and good governance.
Standard Chartered is also committed to all its stakeholders by living its values in its approach towards managing its people, exceeding expectations of its customers, making a difference in communities and working with regulators.
For more information on Standard Chartered, please log on to
www.standardchartered.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 operatingefficiency. 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 operatingefficiency. For more information, please visit www.bolero.net