Bank of Boston Corp. said its trade services division has made a private-label agreement with Barnett Banks Inc. of Jacksonville, Fla., to process import and export letters of credit, standby letters of credit, bankers acceptances, and documentary collections.
The agreement calls for Bank of Boston to set up a trade processing center in Florida to perform the services.
"The approach helps us retain our brand name and customer base and maximize our customers' satisfaction by leveraging Bank of Boston's investment in this business line," said Kathy Sifer, director of Barnett's international banking unit.
Barnett's own international customer service centers in Miami, Jacksonville, and Tampa will team up with the new Bank of Boston center.
"By outsourcing Barnett's international trade processing to Bank of Boston, Barnett will be served by one of the leading trade banks in the nation," said Sue Rugnetta, head of Bank of Boston's global payments department.
Bank of Boston also said it would make available its Trade Key for Windows processing system to Barnett customers.
The personal computer-based system allows customers to apply for letters of credit on-line, and it provides other credit information to keep customer financial records up to date.