Germany's Dresdner Bank has implemented Bolero's trade finance products BoleroAdvise and BoleroApply to automate letter of credit (LoC) processes for its corporate clients.
London-based Bolero says its online trade finance technology supports the German standard for corporate-to-bank communication (DTA) which was developed by members of the Zentraler Kreditausschuss (ZKA) to create a standardised format for messages including the exchange of LoC advices and applications.
The vendor says Dresdner Bank customers are already using its financial supply chain products to reduce procure-to-pay and order-to-cash cycles and eliminate the inaccuracies and delays associated with manual entry.
BoleroApply's single user interface provides German banking customers with support for all LoC applications, while electronic handling will remove the likelihood of manual errors. BoleroAdvise provides organisations with a LoC platform that supports full multi-bank operation, allowing exporters to receive all LoC advices in the same standard format.
Dresdner Bank's Christian Fellner, comments: "In addition to supporting the DTA standard, using Bolero's online solution will also provide our customers with an easy-to-use, scalable solution that can help streamline the management of their multi-bank financial supply chain."