Bolero announces co-existence with SWIFT
(31 March 2011 – Global) Bolero has announced its decision to provide co-existence between Bolero and SWIFT, the member-owned cooperative that provides the communications platform, products and services to connect more than 9,500 banking organisations, securities institutions and corporate customers in 210 countries.
The objective is to allow corporates using Bolero solutions to access banks over SWIFT’s network.
Bolero will enhance its multi-bank service to enable Bolero messages to be sent over SWIFT using the SWIFT FileAct service.
In addition Bolero will work with SWIFT to help promote the creation of ISO 20022 standards for corporate-bank trade finance enabling further convergence and standardisation in the future.
Existing Bolero features including mapping to external local formats, or bank back-office formats, will also be provided over this extended service.
Aurthur Vonchek, CEO of Bolero says that this is a logical consequence of the growing requirement for multi-bank trade finance solutions and the need to provide co-existence and choice for both banks and corporate customers.
"In the same way that mobile and fixed line telecommunications co-exist in order that phone calls can be made from mobile or fixed line phones regardless of the network or type of phone used by the recipient, this inter-operability between Bolero and SWIFT will allow banks and corporates to extend their multi-bank trade finance reach without the need to pre-determine the network preference of the counterparty. As a direct result corporates and banks will not be restricted to working only with counterparties on the same network'.
Bolero will enhance its Core Messaging System to seamlessly connect with the SWIFT network in order for Bolero messages to be delivered or picked up directly from SWIFT.
Rakesh Bhatia, Global Head of Trade and Supply Chain, HSBC said that the bank believes that its clients are best served by greater standardisation and additional flexibility between banks and corporates and are therefore supportive of this move towards greater cooperation between SWIFT and Bolero which will support multi-bank trade finance collaboration.
Bolero will enhance its multi-bank service to enable Bolero messages to be sent over SWIFT using the SWIFT FileAct service.
In addition Bolero will work with SWIFT to help promote the creation of ISO 20022 standards for corporate-bank trade finance enabling further convergence and standardisation in the future.
Existing Bolero features including mapping to external local formats, or bank back-office formats, will also be provided over this extended service.
Aurthur Vonchek, CEO of Bolero says that this is a logical consequence of the growing requirement for multi-bank trade finance solutions and the need to provide co-existence and choice for both banks and corporate customers.
"In the same way that mobile and fixed line telecommunications co-exist in order that phone calls can be made from mobile or fixed line phones regardless of the network or type of phone used by the recipient, this inter-operability between Bolero and SWIFT will allow banks and corporates to extend their multi-bank trade finance reach without the need to pre-determine the network preference of the counterparty. As a direct result corporates and banks will not be restricted to working only with counterparties on the same network'.
Bolero will enhance its Core Messaging System to seamlessly connect with the SWIFT network in order for Bolero messages to be delivered or picked up directly from SWIFT.
Rakesh Bhatia, Global Head of Trade and Supply Chain, HSBC said that the bank believes that its clients are best served by greater standardisation and additional flexibility between banks and corporates and are therefore supportive of this move towards greater cooperation between SWIFT and Bolero which will support multi-bank trade finance collaboration.
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