Costs and fees can soon mount up as central visibility and control over thousands of instruments are lost in a maze of processes and proprietary systems. A corporate with international involvement may have many credit lines and thousands of guarantees open at any one time.

Keeping them updated and managing them to avoid unnecessary bank fees, costs and duplication becomes extremely difficult in the absence of a consolidated overview provided by a single platform interfacing with all required banks.

There are however many valid reasons for having multiple bank relationships.

Firstly, banks have different areas of expertise, whether in products, trading zones or particular countries and home jurisdictions, which corporates need to make use of. Secondly, having commercial relationships with several banks gives a corporate the opportunity to negotiate the optimum terms and conditions for a transaction.  Thirdly, the involvement of several banks spreads the risk and reduces premiums when financing high-value transactions.

These are the advantages – but the distinct disadvantages of dealing with banks through traditional methods are now very apparent.

For a start, each bank will have its own distinct IT system, requiring corporate customers to go through the tedious, time-consuming and potentially confusing process of logging into a different portal and going through security checks and passwords in each case.

More significantly, when there are thousands of documentary credits and guarantees, it becomes incredibly difficult for a corporate to keep on top of every instrument – to be able to see them and ensure they are updated and employed in the most cost-effective manner possible.

A large organisation, for example, may have local offices or subsidiaries that obtain their own bank guarantees, which makes it very difficult for treasuries to see and manage centrally.

It is still the case that in many corporates, spreadsheets are employed for this function to operate effectively. Yet even where organisations have their own treasury management systems, reconciliation and establishing degrees of exposure can be very problematic when there may be so many instruments behind deals worth billions of pounds. Interfacing with bank systems is fraught with difficulty and can be very manual and time-consuming.

However, corporates are increasingly consolidating their handling of all these processes and instruments on a single third-party platform, handing themselves huge gains in man-hours, visibility and importantly – substantial savings in bank fees and costs.

Vastly increased visibility of credit lines, documentary credits and guarantees on a web-based platform gives a consistent view regardless of location. The result is the more efficient use of credit lines and big savings, to a degree that can never be achieved by any other means.

It gives a treasury the chance to call down credit much earlier, potentially benefiting the organisation by 10 or 20 basis-points – a significant saving on large numbers. The clear level of visibility provided by a multi-bank platform also means existing credit lines can be utilised without all the fees and processes required to set up new ones.

Full or even partial integration with back-office systems, seamless communication with panel banks and an effective system of alerts, all make the single multi-bank platform the future for hard-pressed treasuries toiling to improve cash-flow management and the efficient deployment of working capital.

As the global banking network expands, the treasury of any successful corporate involved in major trade transactions will have to shift to a single, multi-bank platform built and supplied by a third-party provider with an established reputation for total reliability, security and efficiency in international trade finance and banking.

The advantages in a globalised world of round-the-clock operations are simply going to be too obvious to ignore.

The post Corporates are shifting to multi-bank platforms – and taking all the credit appeared first on Bolero (WiseTech Global Group).

For the deal in question, HSBC India and ING Bank Brussels successfully executed a blockchain-enabled Letter of Credit (LC) transaction between the India-based conglomerate Reliance Industries (RIL) and Tricon Energy USA, a global leader in the distribution of petrochemical derivatives. The end-to-end transaction was completed on R3’s Corda blockchain platform, slashing the amount of time when compared with conventional paper-based processes. It involved a single shared application, rather than requiring multiple isolated digital systems across various counterparties, located around the globe.

This is an important first for the industry, as the Corda platform integrates Bolero’s eBL solution for the issuance and management of eBLs. This allowed title to the goods in this transaction to transfer digitally from Reliance (the seller) to Tricon (the buyer), with full visibility to the banks, enabling the underlying trade to be fully digitised.

The transaction is one of the first fruits of Bolero’s partnership with R3, the enterprise software firm with a goal to deliver new, easy ways of connecting supply chain participants, simplifying and advancing digitisation trade documents.

In its partnership with R3, Bolero is extending the reach of its eBL Title Registry based solution across the supply chain by developing an oracle on Corda, which enables carriers to connect with corporates and other supply chain participants. Relevant parties will be able to endorse and verify an eBL’s title without needing to revert to paper.

The success of this RIL/Tricon Energy transaction is a major step forward as we continue to focus on industry collaboration and interoperability right across global trade. This is allowing us to fulfil our mission to make trade safer, smarter and faster , delivering major efficiency gains for all our banking, corporate and supply chain customers.

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The post Bolero’s vital role in a ground-breaking international trade transaction using blockchain appeared first on Bolero (WiseTech Global Group).

London, 30^th May 2018: NR Capital, the innovative, Singapore-based alternative commodity trade finance solution provider, is partnering with Bolero International, the premier trade finance digitisation expert, to facilitate crucial investment support to companies in the bulk physical commodity markets around the world.

 Bolero’s Multi-Bank Trade Finance solution will enable NR Capital to provide SME firms around the world with access to essential transaction support, via its ability to invest in and interpose in Physical Commodity asset backed transactions, with unrivalled scalability and security to its investor base and trading counterparts.

NR Capital can utilise Bolero as its core registry of title and ownership via electronic bills of lading (eBL) management, and apply for Letters of Credit (LCs) from the wide range of banks already on board the Bolero platform. NR Capital can also benefit from the immense gains in time and efficiency that flow from the use of electronic trade documents.

Tom James CEO, NR Capital, said: “We are very excited to be partnering with Bolero, using the Multi-Bank Trade Finance solution and electronic document presentation to ensure both our investors, and the counterparties whose transactions we invest in, benefit from lower costs, faster processing of transactions and tighter security than traditional paper-based documentation. We feel our solutions come at just the right time as regulation and costs make mainstream bank commodity trade & inventory financing increasingly difficult to obtain for SMEs.”

Matt Cape COO of NR Capital added: “Our focus is to digitise the documentation flow in the complete supply chain in order to deliver unrivaled services and scalability. For our SME counterparts and our investors, we are very pleased to bring them the greater efficiency, transparency, accuracy and security that digitised transactions can provide.”

“We are delighted to be working with an organisation like NR Capital that is using innovation to provide services that conventional banks find difficult, given the cost-pressures of enhanced regulation,” said Ross Wilkinson, Head of Global Accounts for Bolero. “By partnering with Bolero, NR Capital gives its customers unrivalled access to multiple banks, whilst removing the delays, mistakes and vulnerability to fraud of paper-based processes.” “NR Capital customers will enjoy shorter transaction times and seamless connectivity with supply chain partners. This is a relationship that is a natural fit for Bolero.”

— ENDS —

About Bolero International (www.bolero.net)

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a strong reputation and market leadership position in driving the digitisation of global trade.

Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions, providing greater visibility, transparency and control, Bolero is making trade safer, smarter and faster.

For more information, please contact:

Scott Lunn

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

scottl@whiteoaks.co.uk

About NR Capital Pte Ltd (www.nr.capital)

NR Capital was established in 2016 and is headquartered in Singapore, with a representative office in London. After 2 years of Research & Development in close co-operation with Enterprise Singapore of Singapore, Local Banks, and SME’s, has now launched its holistic Alternative Trade Finance Solution.

The NR Capital Trade Flow Fund S.P. offers an alternative to and is complimentary to typical balance sheet lending offered by Banks and other financial institution resulting in the enhancement of liquidity in the Commodity supply chain and trading ecosystem.

The holistic solution encompasses:

• Commodity Trade Finance like capabilities via a Fund for Accredited Investors/Institutional investors which invests in to pre-booked physical commodity cargo transactions and commodities in storage for its SME Counterparts, easing their cash-flow and funding requirements.
• Digital Platform to handle and scale a large number of transactions including Electronic Bills of Lading, and E-Documentation processing.

For more information, please contact:

Tom James or J J Ho @ NR Capital

Tel: + 65 6670 6830

eMail:  enquiry@nr.capital 

The post Bolero International partners with NR Capital to open up SME commodity trade finance appeared first on Bolero (WiseTech Global Group).

London, 15 May 2018: Bolero International, HSBC and Home Depot, have jointly won a GTR Best Deals 2018 award for their innovative implementation of a matched purchased order supply chain financing solution.

The award, made by the editorial team of GTR, recognised the deal as one of the best over the previous 12 months and follows its recognition as best supply chain finance strategy in the Corporate Treasurer (CT) awards for Asia’s Best Treasury and Finance Strategies of 2017.

HSBC, the world’s leading trade bank, last year introduced its Matched electronic Purchase Order (Me-PO) financing solution, developed by Bolero, to dramatically improve the release of working capital. Impressed with the operation of the platform, one of the giants of US retail, the DIY chain Home Depot, adopted Me-PO for its global trade operations, speeding up the working capital cycle and making their processes more efficient.

Me-PO introduces significant benefits to the global supply chain, removing the pain associated with time-consuming, manual, paper-based processing. It reduces the cost of processing for invoices and purchase orders exchanged between HSBC business customers and their suppliers, who benefit from being able to make earlier requests for finance.

Purchase orders and invoices can be automatically validated, processed, matched and approved. This facilitates a rapid approvals process and enables sellers to submit funding requests more quickly than with a conventional paper-based system. A new level of visibility also enables all parties to track and monitor their purchase orders and invoices in real time.

— ENDS —

About Bolero International (www.bolero.net)

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a strong reputation and market leadership position in driving the digitisation of global trade.

Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions, providing greater visibility, transparency and control, Bolero is making trade safer, smarter and faster.

For more information, please contact:

Scott Lunn

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

scottl@whiteoaks.co.uk

The post Bolero International wins GTR Best Deals award appeared first on Bolero (WiseTech Global Group).

Digitisation is high on the agenda in the Middle East and North Africa (MENA) region, with double-digit predictions in the air for the rate at which its market for digital transformation will expand.

Much of the region is experiencing almost 100 per cent rates of smartphone-use, and the consequences of this enthusiasm for personal digital devices is feeding through into business and trade, where younger executives and government leaders are attuned to the opportunities of linking their trade infrastructures into the wider digital world.

With ever-growing emphasis on the importance of reducing dependency on oil export revenues, the Gulf states in particular have responded by compiling digital strategies, setting themselves ambitious targets. Saudi Arabia and Qatar, for example, have Vision 2030 masterplans, while the UAE has Vision 2021. Egypt and Jordan too have their digital strategies.

It is Dubai and the UAE that are generally thought to be at the forefront of digitisation, showing considerable interest in smart city technologies, artificial intelligence and semiconductors. The aim in Dubai is for all government transactions, where possible, to be digital by 2020. Yet Saudi Arabia’s vision includes the National Transformation Program, which places digital transformation as one of the Kingdom’s four main objectives.

It may be true that these countries’ digital economies remain proportionately very small when set against the larger G7 countries, but the Gulf states in particular are not hampered by inadequate broadband connectivity or lack of ICT talent. They also have some forward-looking regulators in the trade and finance sector, who not only understand the challenges, but are backed up by a robust legal system and a willingness to enforce rules.

It makes the MENA region ideally placed to take advantage of the benefits of the digitisation of trade transactions and documentation, removing all the very costly disadvantages of using slow and insecure paper-based processes. They have the opportunity to leapfrog ahead of many other regions, where it is still often the case that natural conservatism and lack of consensus means that the processing of trade documents takes days or weeks instead of the few hours now possible. Not only do paper processes open up all kinds of problems in relation to fraud and accuracy, they are easily lost and very expensive to administer.

The evidence of enthusiasm for trade digitisation was to be seen at GTR MENA Trade & Export Finance Week in Dubai, a major event attended by 600 delegates from 30 countries, including key people many from significant corporates and banks. The energy flowing around the whole digitisation question was unmistakeable.

Right across the region, digitisation is a buzzword, particularly among the banks. Hardly surprising when growing wealth has generated such a welter of import activity that covers everything from materials for massive infrastructure projects to every kind of manufactured product, including luxury goods and vehicles.

That is not to say this a headlong rush. The move to digitisation is being taken step by step with full evaluation of each use case.  Many of the MENA region’s decision-makers in international trade have started to adopt digital platforms to benefit from huge gains in speed, security and efficiency. SABB (Saudi British Bank), for example is now bringing electronic trade document solutions to corporate clients, slashing transaction times and delivering major benefits to all parties.

SABB’s adoption of a digital platform last year was a first for trade digitisation in the Kingdom and remains a significant cornerstone of what will be a much larger structure, since the bank is pre-eminent in trade finance within the Kingdom. Similarly, ABB, the Swiss-based leader in power and automation technologies, is proving to be an important corporate relationship in a region where investment in utilities and telecommunications proceeds on a huge scale. In fact, all the banks in the MENA area are increasingly adopting an open-minded approach to the digitisation of trade finance.

It was no accident that so many of the conversations at GTR MENA were about electronic bills of lading and digital presentations, reflecting the changes in attitude sweeping across the region. We could be on the verge of great change, where the trading operations of banks and corporates in the MENA countries become part a “network of networks” enjoying all huge benefits from integration with the ‘Internet of Things’ and similarly far-reaching technological developments that are shaping trade.

Electronic document presentation has already been adopted as far afield as South America, India and Asia, with readily-recognised organisations such as BHP and Rio Tinto using the technology to accelerate secure and trusted execution of transactions in the Far East.

The pace of change, will however, depend very largely on attitudes within governments across the Middle East.  As global management consultants McKinsey pointed out, continued organic growth in this region will not be enough to transform it into one of the world’s major digital economies. They went on to say: “Unlocking the full potential of digitisation will require comprehensive, concrete, collaborative action – and it must begin immediately.”  That was in 2016, so the time is ripe for all trade transactions to be conducted in the MENA region at the touch of a screen, rather than by couriering old-fashioned paper documents around the world for weeks at a time, where they may be lost, stolen or forged.

Moving to a tried and tested digital trade platform could be a major trigger in the wider digital transformation of the entire region.

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The post The time is ripe for digitisation in the MENA region appeared first on Bolero (WiseTech Global Group).

Bolero, with partners HSBC and Home Depot, has won Corporate Treasurer’s Best Supply Chain Finance Strategy award

London, 19 March 2018: Bolero International, HSBC and Home Depot, have jointly been named best supply chain finance strategy in the Corporate Treasurer (CT) awards for Asia’s Best Treasury and Finance Strategies of 2017.

Judged on their innovation, complexity and above all, their robustness in the face of working problems at corporate treasuries across the Asia-Pacific region, the CT awards recognise the vision, ideas and sheer hard work that go into designing treasury solutions.

HSBC, the world’s leading trade bank, last year introduced Bolero’s Matched Electronic Purchase Order (Me-PO) financing solution to dramatically improve the release of working capital. Impressed with the operation of the platform, one of the giants of US retail, the DIY chain Home Depot, then adopted Me-PO for its supply chain, speeding up the working capital cycle and making their processes more efficient.

Me-PO introduces significant benefits to the global supply chain, removing the pain associated with time-consuming, manual, paper-based processing. It reduces the cost of processing for invoices and purchase orders exchanged between HSBC business customers and their suppliers, who benefit from being able to make earlier requests for finance.

Purchase orders and invoices can be automatically validated, processed, matched and approved. This facilitates a rapid approvals process and enables sellers to submit funding requests more quickly than with a conventional paper-based system. A new level of visibility also enables all parties to track and monitor their purchase orders and invoices in real time.

Me-PO grew out of Bolero’s long-established partnership with HSBC, building on Bolero’s reputation for providing customers with the best in trade finance technology.

— ENDS —

About Bolero International (www.bolero.net)

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a strong reputation and market leadership position in driving the digitisation of global trade.

Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions, providing greater visibility, transparency and control, Bolero is making trade safer, smarter and faster.

For more information, please contact:

Scott Lunn

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

scottl@whiteoaks.co.uk

The post Bolero International scoops Asia supply chain finance strategy award appeared first on Bolero (WiseTech Global Group).

London, 17th October 2017: HSBC, the world’s leading trade bank, has introduced a Matched electronic Purchase Order (Me-PO) financing solution to dramatically improve the release of working capital.

The Me-PO solution, developed by Bolero, will reduce the cost of invoice and purchase order processing between HSBC business customers and their suppliers, who will benefit from being able to make earlier requests for finance. Both parties will appreciate having a new level of visibility, being able to track and monitor their Purchase Orders and invoices in real time.

Purchase Orders and invoices can be automatically validated, processed, matched and approved. This facilitates a rapid approvals process and enables sellers to submit funding requests more quickly than with a paper-based process.

Vinay Mendonca, Global Head of Product and Propositions, Global Trade and Receivables Finance at HSBC said: “This deployment offers huge advantages for our customers by speeding up the working capital cycle and making their processes more efficient.

“As a leading trade bank, we are committed to the highest levels of service, so it’s important that we’re at the forefront of innovation in trade finance. One of our clients, a major US retailer, has recently implemented the Me-PO platform and a number of others will be introducing the platform in the near future.”

Ian Kerr, CEO at Bolero said: “HSBC’s Me-PO service introduces significant benefits to the global supply chain, removes the pain associated with time consuming, manual, paper-based processing. Buyers and sellers alike will benefit from faster transactions and payments, and sellers will be able to securely apply for financing much more quickly.”

“This collaboration builds on Bolero’s long-established relationship with HSBC, which extends round the world, and our reputation for providing customers with the best in trade finance technology.”

— ENDS —

About HSBC

HSBC Commercial Banking

For over 150 years HSBC have been where the growth is, connecting customers to opportunities. Today, HSBC Commercial Banking serves more than two million businesses across the world, ranging from small enterprises focused primarily on their home markets through to corporates operating across borders. Whether it is working capital, term loans, trade finance or payments and cash management solutions, HSBC provide the tools and expertise that businesses need to thrive. As the cornerstone of the HSBC Group, they give businesses access to a geographic network covering more than 90% of global trade and capital flows. For more information visit: http://www.hsbc.com/about-hsbc/structure-and-network/commercial-banking

 The HSBC Group

HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 4,400 offices in 71 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa. With assets of US$2,557bn at 30 September 2016, HSBC is one of the world’s largest banking and financial services organisations.

About Bolero (www.bolero.net)

Bolero is a leader in the digitisation of global trade, providing cloud-based solutions that help organisations optimise working capital, secure trade finance and reduce the risks and costs of global trade.Since launching the first electronic bill of Lading, Bolero has securely exchanged trade data and documentation between trading counterparties across the entire supply-chain including buyers, sellers, financial institutions and other involved parties.

For more information, please contact:

Scott Lunn

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

scottl@whiteoaks.co.uk

The post HSBC to accelerate global supply chain finance with Matched electronic Purchase Orders appeared first on Bolero (WiseTech Global Group).

Despite these crystal-clear advantages, however, digitisation continues to be enveloped in many myths, all of which need to be dispelled.

Here are the eight most common myths about digitisation and why they need to be busted.

1. Digitisation always has to be a big bang approach

This is simply not true. Companies can proceed with digitisation at their own pace and integrate digital trade platforms into their own processes one step at a time. Digitisation can be at the minimum, light-touch level or wholly integrated. It is perfectly feasible to have a mixed environment in which both paper and digital documents are used in response to requirements and business needs. Companies should use digitisation to address their own pinch-points, which may arise from the need to be paid more often or to get hold of goods more quickly.

2. It’s not secure

Many businesses have a deeply-ingrained fear of using anything in the cloud, believing that they will be hacked, with devastating consequences. In fact, Know Your Customer regulations all apply to digital trade platforms, along with total control of access and configuration. Not only do participants know the identity of the other parties that they are dealing with, they are all also legally bound by the rules that govern participation. Communication controls, for example, mean that no message can be sent without a response – there must always be a return message so that the parties know if their message has been successful. In addition, there is a full audit trail, recording every amendment and interaction to provide effective supervision and reassurance.

3. Digital trade transactions are not legally-binding

Legal underpinning is one of the essentials of a digital trade solution. In Bolero’s case, counterparties must subscribe to a rulebook that is solidly founded on common law principles and is multi-jurisdictional. The rulebook is a multi-lateral contract that binds each user, with agreement on a common set of rules. These rules determine, for example, that electronic communications will be treated as valid and that no user will deny that it sent a message bearing its digital signature. This legal framework allows organisations to replicate the legal results currently achieved in a paper environment.

4. My bank does not support digitisation

This is another mistaken belief, because in reality, more and more banks are subscribing to digital trade platforms. Bolero for example provides access to the largest network of banks connecting over 65 banking groups from around the world and the uptake is only likely to grow. Banks already have plenty of experience of exchanging messages digitally. For the last 28 years, they have been using the SWIFT system. Any company wanting to shift to the electronic presentation of documents in order to reap the rewards of going digital, may well find its bank is already participating.

5. This is a stand-alone solution and does not integrate with my existing business systems

Digital trade platforms can be partially or fully integrated with existing business processes and systems such as ERP and Treasury management systems and organisations should not be concerned about whether integration will succeed. They can adopt digital processes partially or wholly, according to their needs and the problems they want to solve or the benefits they want to achieve.

6. Using digitised documents and instruments is expensive

Switching to a digital solution costs just a fraction of what is required to administer paper documents. Paper documents have to be manually checked and physically transported between counterparties, accumulating costs and taking up valuable time. Companies using electronic documents eliminate these costs and achieve further gains in efficiency, by for example, achieving faster reconciliation, being paid or receiving goods more rapidly.

7. It’s only for international trade

The belief that digitisation only works in the context of international trade is also mistaken. Bank guarantees and documentary collections for example, are vital in many domestic transactions and are perfect candidates to be digitised. The digitisation of these documents, with controls on access and full audit trails, gives far greater security and protects all involved from common types of fraud.

8. Does every party have to be digital?

No, it is not necessary for every party to be digital, because all participants are subject to the  business flows and regulations that are written around the processes, which enable a mixture of both electronic and paper communications to be employed. The over-riding factor is that all digital instruments comply with legal and regulatory requirements, just as their paper counterparts do. Using a combination of paper and digital will still yield savings, even if they are not as substantial as can be achieved through total adoption of electronic documents.

The post Busting the eight myths of digital trade finance appeared first on Bolero (WiseTech Global Group).

Why is that? To a large extent it is because paper still predominates, making it difficult for businesses to stay on top of the guarantees relating to all their projects.

In commercial property, guarantees are often a basic requirement in leases, where they give landlords security against potential loss from tenant defaults.

Unfortunately, when guarantees in a paper-based system are urgently required for a claim, businesses  are often unable to find them, or discover they have not been updated and are invalid.

With paper documents it is also easy to overlook guarantees over the term of a lease and then find that amendments involve costly, complex and time-consuming exchanges between the parties.  These problems multiply when commercial landlords have multiple guarantees across several banks.

Facing these difficulties , commercial landlords should consider using a web-based digital application, such as is provided by Bolero, to eradicate the many disadvantages of paper documents.

Here are some sound reasons why organisations should move to digitising their guarantees, so that they have rapid access through a secure online interface:

• An online interface gives landlords (and all other authorised parties) the ability to see all their guarantees instantly, at any time, with up-to-date information on their status.

• Amendments can be easily made following for example a rent review, an extension or change in ownership on a digital platform reducing man-hours, costs and the risk of errors.

• When a guarantee is amended in a digital platform, all the changes are fully visible and can be traced through an audit trail, so there is no disagreement. This also severely reduces the opportunities for fraud and forgery.

• If the guarantee is out of date, the landlord is at a severe disadvantage in the event of a claim following a default. The ability to audit regularly via an online interface makes it more likely that these expiry dates will not be overlooked.

• Mistakes can be easily made when drawing up guarantees, including simple misspellings that can render a document invalid. Landlords need to check, for example, that the amount guaranteed is accurate and that the guarantee is made out in favour of them and not a third party. Addresses in commercial premises are also easily confused. The ability to check for inaccuracies of this nature remotely, saves time and money, and brings considerable peace of mind.

• Paper documents are easily mislaid and require copies to be made for each party. Using a digital platform, guarantees will not be lost in the vaults of a distant repository and all the parties involved will know where the original guarantee is.

• Claiming is much simpler. The landlord makes the claim directly to the bank electronically and can include any supporting documentation.

• At the end of the lease, the landlord can use the same, straightforward electronic means to inform that bank that the guarantee is terminated.

When there are so many advantages from using a digital platform, such as Bolero’s secure web-based technology, there now seems little reason for commercial landlords to stick with paper.

The post Bank guarantees – how going digital means commercial landlords can avoid the pitfalls appeared first on Bolero (WiseTech Global Group).