Bolero’s electronic Letter of Credit Advices, a new electronic solution for Hong Kong exporters, is now available. The electronic financial document service provides exporter organisations with a fast and efficient way to receive their Letter of Credit Advices electronically from financial institutions such as Korea Exchange Bank.

By using the powerful BoleroAdvise Letter of Credit Advices solution, exporters will benefit from the efficiency and accuracy of electronic processing, saving both time and money and for the first time gaining a single, unified view of all their outstanding Letter of Credit Advices. BoleroAdvise is a secure, standardised platform for the electronic creation and transfer of the Letter of Credit Advices essential for international trade.

An easy-to-install multi-banking service

BoleroAdvise will be available via an easy and quick registration process, accessible online via standard browser-based technology. The service provides exporters with an accessible and easy-to-install multi-banking service that allows them to receive all their documentary credit advices on the same platform, in the same format, regardless of the identity of the advising bank. BoleroAdvise provides a clear audit trail, with information presented for all in a standard and user-friendly format.

BoleroAdvise simplifies the process of tracking advices on letters of credit. It is web-based and multi-bank meaning that traders need only go to one location to check all outstanding Letter of Credits.

Exporters can get all the information they need about their export credits through BoleroAdvise. The application translates MT700 messages from the SWIFT network into their own software and makes them consistent and easy for people to read. This information is then delivered through the banking system.

Tradelink in partnership with Bolero

Tradelink, the leading provider of electronic services to Hong Kong’s export trading community, has signed a partnership agreement to jointly launch the Letter of Credits Advices solution with Bolero, the world’s leading provider of secure Financial Supply Chain solutions.

”BoleroAdvise introduces speed and efficiency into the Documentary Credit Advice process, and with leading banks such as Korea Exchange Bank on board we can play a key role in helping our export customers to achieve real benefits by speeding up the approval of Letters of Credit and reducing their order-to-cash cycle,” said Mr Justin Yue, Chief Executive Officer of Tradelink.

Convenient and user-friendly

Mr Arthur Vonchek, Chief Executive Officer of Bolero, said, “We’re delighted that Tradelink has recognised the potential of BoleroAdvise to simplify the Letter of Credit Advices procedure for its exporter community, and is now making this service extremely easy for Hong Kong’s exporters to use.” With BoleroAdvise, exporters can now benefit from immediate benefits such as improved cash flow management and will really notice the difference as BoleroAdvise helps them to optimise their working capital and credit line positions with their banks.

It’s great news for Hong Kong exporters that the convenient service is launched.