Bolero Launches Digitized Trade Finance Solution For Banks
Cloud-based trade finance digitization firm Bolero International has launched a Trade Finance Platform-as-a-Service (TPaaS) offering called Galileo TPaaS for Banks, which will be the first white-labeled, as-a-Service trade portal for the industry, according to a press release.
The solution will work with the Bolero network in order to let trade clients execute transactions for all bank partners and from the all-in-one portal Bolero offers, the release stated.
With the solution, clients can access faster times to market in delivering digital trade services to clients. The process also cuts down on the total cost of ownership as compared to in-house builds or traditional software, according to the release.
The banks will benefit from better scopes of innovation via easier integration for external services within the project, including better customer service and engagement, reduction of client administration overheads for high-volume trade activity and a boost to customer satisfaction, the release stated.
“In the current backdrop of the pandemic, the demand for digital trade services is at its peak,” Bolero International Head of Product Anchal Tiwari said in the release. “Galileo TPaaS is designed to help banks deliver digital trade services to their clients without the need to take on a complex implementation project or make heavy technology investments towards digitization. Our vision of Galileo TPaaS is to enable banks to offer an elevated customer experience to the end-user at a fraction of the cost that banks incur in traditional trade portal solutions.”
In separate news, Mitigram CEO Milena Torciano told PYMNTS that the hold of paper documents still exists in the trade finance space, which can cause headaches in terms of getting the correct information.
According to Torciano, true digitization will be achieved when there are solutions out there supporting message standardization, data integration and transaction capabilities to loop into any system or portal. That will enable trade finance to become as agile as it needs to be.