Bolero International, which works in cloud-based trade finance digitization, has partnered with Virtusa Corporation in order to help with Bolero’s new white-label trade finance Portal-as-a-Service solution, Galileo TPaaS for Banks, a press release said on Wednesday (April 14).
Virtusa works on providing digital strategy and IT services and solutions.
Bolero recently rolled out the white-label TPaaS solution as a way to help financial institutions get to a faster time to market for delivering digital trade solutions for trade clients without as much cost for ownership as compared to the in-house build or traditional software.
The release noted that banks gain from an increased scope of innovation via the integration of outside services, which can offer better customer experiences and cut down on administrative tasks for high-volume trade activity as well as “increased customer satisfaction” across small businesses, small to medium-sized businesses, and multinationals.
Amit Bhute, senior vice president and head of Banking Practice at Virtusa, said the company’s goal was “allowing banks to leverage digital trade services without having to take on a complex implementation and significant technology investments.”
“To provide a better solution to banks, we have worked alongside our corporate clients and leading multinational banks to create a portal that offers the fastest way to digitize customer experience and dramatically transform the customer experience,” said Andrew Raymond, CEO at Bolero International.
Raymond added that Galileo TPaaS for Banks could address “a significant pain point” for banks. A PYMNTS report noted that it will work in the Bolero network and help with executing transactions for all bank partners for trade clients through the all-in-one portal Bolero offers.
Trade finance still has work to do on digitizing, including in onboarding, which is still a huge challenge with costly know your customer (KYC) and anti-money laundering (AML) policies.
And the amount of moving parts in trade finance often makes for difficult hurdles for companies to overcome.
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