Bolero International, a cloud-based trade software provider, has announced the signing of UBS as its first flagship client for Galileo TPaaS, a new white-labelled trade finance portal-as-a-service (TPaaS) solution for banks.
In a press statement, Bolero said that Galileo TPaaS is designed to help financial institutions provide their corporate clients with increased functionality and a smoother digital experience.
Using Galileo TPaaS – a product that Bolero believes to be the first of its kind – banks can achieve an accelerated time to market and an overall lower cost of deployment, as compared with traditional trade finance digitisation options.
As such, Galileo TPaaS allows corporates to conduct traditional trade and open account transactions, and leverages the structured communication processes and electronic trade documents.
Didier Furrer, product manager for trade and export finance at UBS, said: “Galileo TPaaS fits well into our vision of an eventually end-to-end digital trade business.
“The collaboration with Bolero brings us one significant step closer, and the Galileo TPaaS core allows us to offer a great user experience to our customers.”
Over time, Bolero said it aims to work with like-minded fintechs to expand the functionality and services available to Galileo users.
The white-labelled solution is built on Bolero’s secure SaaS platform, Galileo, and is available on-demand as a fully managed service on the cloud.
Andrew Raymond, CEO of Bolero International, said the tie-up with UBS will help launch Galileo TPaaS to a wider client base.
“This allows us to deliver a unique and compelling offering to corporates through a branded portal,” he said.
“It helps realise our vision for corporates to embrace digitisation of trade finance, and will drive adoption in other areas of our business.
“Great teamwork and sharing of ideas have accelerated our plans in this space, and we are excited to announce further client acquisitions in due course.”