Italian banking group Intesa Sanpaolo has utilised tech company Bolero’s trade digitization software for a fully paperless import transaction. The system aided in the payment to an Indian supplier by a “major” Italian thermoplastics company, the first paperless import of its kind in Italy.
This ground-breaking use of an electronic import documentary credit generated a faster and more efficient workflow which allowed all the parties involved in the transaction to benefit directly as well as indirectly, opening a new frontier in international trade. Antonio Rossi, Head of trade finance sales Cib at Intesa Sanpaolo Group said: "This is another step in the innovation of trade finance services, made in order to meet the needs of customers who have to operate in an increasingly digital and global market environment. Intesa Sanpaolo is now able to offer this innovative service to all its client companies connected to the global Bolero network, both for export and import”.