Northern Europe based HSH Nordbank AG, has announced a major extension to the portfolio of trade finance tools it offers its corporate customers. It is working with Bolero, a provider of secure financial supply chain solutions, to provide an electronic platform that enables the efficient and standard communication of letter of credit applications and advice between the bank and its customers. The Bolero solution provides a single, consolidated view of all letter of credit positions enabling corporate customers to optimise their cash flow and maximise credit line opportunities. BoleroAdvise and BoleroApply provide organisations with a comprehensive, standards-based automated letter of credit platform that supports full multi-bank communication. The services allows importers and exporters to apply for and receive all their letters of credit in a standard format using the same web-based user interface – regardless of the identity of the bank involved. This overcomes the inconvenience and time taken to manage multiple interfaces, formats, paper documents and faxes, while electronic handling will remove the likelihood of manual error, reducing rejection rates.
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