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Cargill Australia uses the new Bolero Galileo trade finance platform

Bolero, Galileo, trade finance platformCargill Australia, a provider of grain, oilseeds and other agricultural commodities, used the new Bolero International Galileo trade finance platform to accelerate a canola oil shipment to China, thereby meeting a tight deadline despite the current difficulties arising due to the coronavirus (COVID-19). Transferring 2 electronic bills of lading (eBLs) on Galileo, Cargill Australia completed the transaction within 2 days.

“The enhanced speed and operational simplicity of Galileo gave us major advantages when we wanted to hit a tight deadline despite the disruption to normal trade processes caused by the coronavirus pandemic,” said David Werner, Trade Execution Manager, Cargill Australia. “Galileo enabled us to complete this transaction before the Chinese holiday without compromising on security or having to cut corners on efficiency.”

Launched in February this year, Bolero’s Galileo trade finance platform is designed to future-proof digital trade services for corporates, carriers, banks and other eco-systems. With enhanced user experience, the new platform delivers greater functionality and seamless integration with banks and other third-party systems, providing end-to-end visibility to corporate clients and banks.

Andrew Raymond, CEO, Bolero enthused, “We’re thrilled that Cargill Australia has shown how our new Galileo trade finance platform makes export transactions safer, smarter and faster, no matter how demanding the circumstances. What Cargill Australia achieved would never have been possible with paper bills of lading. The speed and simplicity of digital presentation overcame all the problems generated by the pandemic, with bank branches shut, staff in short supply and social distancing measures in force.

“With Galileo we have the platform to make trade digitisation simpler and easier to deploy, providing banks, corporates and carriers with a new, highly connected, digital eco-system. Paper bills of lading should be consigned to history.”

The Galileo trade finance platform enables corporate and bank users to manage trade services in a single place with a consolidated view of all transactions for faster, more informed decisions that optimise cash-flow and working capital.

Galileo provides a single point of access so that users can create, edit and manage letters of credit, electronic presentations and guarantees, as well as open account transactions and electronic bills of lading. Bolero is also introducing value-added services in areas such as compliance and e-certificates of origin. The aim is to provide interoperability through a new API infrastructure. Galileo integrates with back-office, treasury, ERP, and blockchain-based ecosystems.

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