Global commodities firm Noble Group will implement Bolero’s multi-bank trade finance service on a global basis in support of both letters of credit (LCs) and guarantees. The global rollout will start in Hong Kong and will then expand to Noble’s other primary centres in Singapore, Lausanne, Stamford (US) and London.
The solution will allow Noble Group to better manage its trade finance operations and significantly improve the efficiency and effectiveness of communication with its partner banks on a global basis. By standardising on the use of Bolero with all core banks, Noble has the opportunity to provide regional and global consolidation and standardisation of its trade finance operations, as well as removing time, cost and inefficiency from the processes. By using Bolero, Noble will ensure efficiency and standardisation benefits for its banks partners at the same time.
“We have observed the accelerated adoption of Bolero over the past few years,” said a spokesperson from Noble Group’s treasury department. “A significant number of our core partner banks are already live on the Bolero channel and we anticipate our decision will help to strengthen this commitment as well as to influence other banks to adopt this open platform.”
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