Bolero has demonstrated strong adoption of its leading multi-bank Letter of Credit automation platform by both Corporates and Banks. This is driving the standardisation of these processes as well as providing a robust and secure platform meeting the interoperability, security, compliance, neutrality and business process needs of both communities. Adding this experience and knowledge capital to the TWIST program will help to ensure further standardisation as well as acceleration of the adoption of standards in this space.
âThere is a fundamental shift underway from proprietary bank-centric solutions to corporate centric multi-banking and standardsâ. Said Arthur Vonchek, CEO, Bolero âTWISTâs emergence in support of the standardisation of transactions between banks and their corporate customers is a very important initiative for the industry. In pursuit of the same strategic goals cooperation between TWIST and Bolero will provide clear added value for our customers and the community in general as well as reciprocal valueâ.
As part of this agreement Bolero will participate in defined working groups including those directly related to trade finance. Bolero will contribute its knowledge capital in standards for the end-to-end Letter of Credit and Guarantees processes between corporates and their banks, as a basis for the creation of formalised TWIST standards. Bolero will support the mapping of these TWIST standards onto the Bolero Multi-Bank automation platform.
âThe domain expertise Bolero has gathered in the effective implementation of the entire Letter of Credit and Guarantees lifecycles for both Importers and Exports and their Banking partners has resulted in a unique understanding of the standards required to support this activity between the Corporate and its Banksâ said Tom Buschman, TWIST, Chairman & CEO âContributing this knowledge capital to the TWIST program provides a fast-start to the effective adoption of TWIST standards in this spaceâ.