The Bank of China (BOC) has become the first of the ‘Big Four’ banks in China to offer exporters the multiple benefits of using the Bolero electronic trade document platform.
The move has been prompted by increased requests from BOC’s large customer-base for the use of Bolero’s ePresentation solutions and electronic documents such as bills of lading and documentary credits. As they expand their export activities outside China, with particular focus on Europe, UK, Singapore and South East Asia, exporters want to enjoy the benefits of the Bolero platform’s straight-through processing technology which slashes turnaround times for all parties while hugely improving security and operational efficiency.
In another ‘Big Four’ first, BOC has also announced it will offer its customers Bolero’s Multi-Bank Trade Finance (MBTF) solution, enabling corporates increased visibility and control in relation to applications for letters of credit or bank guarantees. The MBTF solution reduces working capital requirements and minimises risk, while allowing for far greater price arbitrage than conventional methods.
These latest moves follow the success of BOC’s 2013 adoption of the Bolero platform for import-related electronic presentation of documents.
Ross Wilkinson, Head of Global Accounts for Bolero, said: “We are very excited to have the first of the ‘Big Four’ banks in China offering Bolero ePresentation in support of increased export activity outside China, given that this is currently a very strong trend in global business. The fact that more of BOC’s overseas customers are requesting our platform for their export transactions is a sure sign that we are at the heart of world trade. As more Chinese banks expand their involvement in global trade, Bolero will be there to support them, bringing their customers all the gains in speed, ease-of-handling and security for which we are known.”