ING Wholesale Banking, part of the major ING global financial group, has extended its range of financial solutions by using Bolero technology to provide electronic Letter of Credit support for its corporate customers. Bolero provides platforms that support bank-to-corporate-to-bank financial supply chain automation. Using Bolero, ING Wholesale Banking customers will be able to apply for – and receive – all their Letter of Credit advices electronically, instead of the paper-based mail and fax communications still often used in many traditional trade finance systems today. In addition, corporate customers will gain a single, consolidated view of all their Letter of Credit positions across the multiple banks with which they work. “We wanted to provide a solution that would address the emerging requirement for multi-bank support around the automation of our clients financial supply chain,” said Frank Taal, global head ING PCM Product, Channel & Solution Management.
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