The multi-bank platform will permit Bank of America customers to automate the lifecycle of instruments such as letters of credit, providing important cost savings and reducing time delays associated with traditional paper based or partially electronic processes.
Paul Johnson, senior vice president global product and strategy at Bank of America said: Working closely with our global customers, we witnessed the growing need for a multi-bank solution to automate the trade finance process across a corporate customer’s community of banks. Traditionally these platforms have been provided by large corporations, but banks must embrace multi-banking services in trade finance as an inevitable future requirement. Bank of America’s alliance with Bolero illustrates our commitment to providing customers with sophisticated trade and supply chain solutions.
