Bolero Interoperates with SWIFT to Help Trade Finance
Bolero will allow corporates using Bolero solutions to access banks over SWIFT’s network. Bolero will enhance its multi-bank service to enable Bolero messages to be sent over SWIFT using the SWIFT FileAct service. In addition, Bolero will work with SWIFT to help promote the creation of ISO 20022 standards for corporate-bank trade finance enabling further convergence and standardisation in the future. Existing Bolero features including mapping to external local formats, or bank back-office formats, will also be provided over this extended service.
“This is a logical consequence of the growing requirement for multi-bank trade finance solutions and the need to provide co-existence and choice for both banks and corporate customers,” said Arthur Vonchek, chief executive officer (CEO) of Bolero. “In the same way that mobile and fixed line telecommunications co-exist in order that phone calls can be made from mobile or fixed line phones regardless of the network or type of phone used by the recipient, this inter-operability between Bolero and SWIFT will allow banks and corporates to extend their multi-bank trade finance reach without the need to pre-determine the network preference of the counterparty. As a direct result corporates and banks will not be restricted to working only with counterparties on the same network.”
Peter Gisler, group vice president, ABB Asea Brown Boveri, said: “Collaboration between Bolero and SWIFT will provide clear benefits for both corporate and bank communities. As a large global corporation already in the process of successfully rolling out a global trade finance solution, this announcement will increase the market understanding of corporate to bank trade finance communication and provide extended reach and more flexible integration options for all parties.”