Recently, a Trade Finance Platform-as-a-service (TPaaS) has been introduced by the cloud-based trade finance digitization firm Bolero International. It will be called Galileo TPaaS for Banks - the first white-labeled, as-a-Service trade portal for the industry, as per the press release.
The aforesaid arrangement will operate with the Bolero network and will enable clients involved in trade activities to execute transactions for all the bank associates along with an all-in-one portal Bolero facilitates. It means that the clients for the first time will be able to execute transactions through an intuitive and robust portal.
With the help of this arrangement, the customers can get to the market quickly for delivering digital trade services to clients. The solution will also decrease the total expenses of ownership in comparison to in-house builds or traditional software.
The banks will also get better advantages from improved chances of innovation through smooth & easier integration for outer services within the project, including better client service & engagement, cut down of customer administration expenses for huge-valued trade activities as well as a lift to client satisfaction. This solution also facilitates an improved user experience which is simple, easy, intuitive, and created to offer corporate clients excellent autonomy in the management of their Letters of Credit, Guarantees, Standby LCs, and documentary collections transactions. Created on advanced technology, it offers an improved user experience, unmatched functionality, and a descriptive suite of connectivity options for banks. The solution is available on-demand as a fully managed service on the cloud.
Bolero International Head of Product Anchal Tiwari explained in the release, “In the present scenario of the global pandemic, the interest & requirement of digital trade finance is on its peak.” Further added, “Galileo TPaaS is created to facilitate banks in delivering digital trade services to customers without any requirement of availing difficult implementation projects or initiating huge technology investments in the digital industry. Our vision behind Galileo TPaaS is to aid banks to deliver a satisfactory customer experience to the end-user for a portion of the expense that banks bear in traditional trade portal solutions. ”
Andrew Raymond, CEO at Bolero International said, “To facilitate advanced solutions to banks, we have operated alongside our corporate customers and leading multinational banks to develop a portal that gives the quicker way to digitize customer experience and radically transforms the client experience. We are glad to share our latest innovation and the biggest jump in the trade finance digitization industry in recent years.”
In another news, it was told by Mitigram CEO Milena Torciano that the existence of the paper documents still prevails in the trade finance industry which can bring complexities in terms of availing the correct information. Further added that the perfect level of digitization can be achieved when the solutions exist to aid message standardization, data incorporation, and transaction capabilities to include in any system or portal. This will help trade finance to bring flexibility.
About Galileo TPaaS
Galileo TPaaS for Banks is developed on the latest innovative Galileo platform. Presented last year, it is an easier, flexible, modular, and measurable platform that has been introduced to deliver future-oriented digital trade finance services to banks, corporates, carriers, and other business eco-systems. With an advanced user-experience backed up by the latest technology, it offers unparalleled functionality and smooth integration.
Read more: https://www.axioscreditbank.com/trade-finance