Bolero and TWIST Announce Cooperation Agreement

Bolero has demonstrated strong adoption of its leading multi-bank Letter of Credit automation platform by both Corporates and Banks. This is driving the standardisation of these processes as well as providing a robust and secure platform meeting the interoperability, security, compliance, neutrality and business process needs of both communities. Adding this experience and knowledge capital to the TWIST program will help to ensure further standardisation as well as acceleration of the adoption of standards in this space.

“There is a fundamental shift underway from proprietary bank-centric solutions to corporate-centric multi-banking and standards.” said Arthur Vonchek, CEO, Bolero. “TWIST’s emergence in support of the standardisation of transactions between banks and their corporate customers is a very important initiative for the industry. In pursuit of the same strategic goals cooperation between TWIST and Bolero will provide clear added value for our customers and the community in general as well as reciprocal value”.

As part of this agreement Bolero will participate in defined working groups including those directly related to trade finance. Bolero will contribute its knowledge capital in standards for the end-to-end Letter of Credit and Guarantees processes between corporates and their banks, as a basis for the creation of formalised TWIST standards. Bolero will support the mapping of these TWIST standards onto the Bolero Multi-Bank automation platform.

“The domain expertise Bolero has gathered in the effective implementation of the entire Letter of Credit and Guarantees lifecycles for both Importers and Exports and their Banking partners has resulted in a unique understanding of the standards required to support this activity between the Corporate and its Banks,” said Tom Buschman, TWIST, Chairman & CEO. “Contributing this knowledge capital to the TWIST programme provides a fast-start to the effective adoption of TWIST standards in this space”.

About Bolero:

Bolero was created as a neutral, trusted third party to develop a comprehensive set of standards that would remove the barriers to global, cross-enterprise business. Bolero implements and enforces these standards in an open platform to enable paperless trading between buyers, sellers, logistics, banks, agencies and regulatory authorities anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.

Building on this platform, Bolero delivers applications that enable the merging of the Physical and Financial Supply Chains, allowing companies to fundamentally re-engineer the way that business is done and take advantage of electronic trading. Customers and their trade partners are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency. For more information, please visit www.bolero.net.

About TWIST

TWIST Process Innovations Ltd. creates global standards that enable the end-to-end automation of any company's financial business processes. TWIST develops practical standards that allow market participants to communicate electronically with each other, whether using direct links, external service providers or internal systems.

Led by an executive team drawn from across the industry, TWIST brings together representatives of leading corporate treasuries, banks, fund managers, system suppliers, electronic trading platforms, market infrastructure providers (including confirmation matching services, clearing & settlement services and communication networks), consultancy firms and learning organizations. TWIST is open to market participants and service providers, irrespective of their size or role in the market place. For more information, please visit www.twiststandards.org.