Corporate member, Bolero, is working with the IOE to demystify electronic processes and replace complex, unwieldy paper trails of goods as they are financed, dispatched, carried and received around the world.
Bolero was established in 1998 by SWIFT and the global logistics and insurance industry to transform the way organisations trade globally – and is now a well-respected trade finance specialist in secure web based messaging services. It enables digitised trade for every settlement type across all locations, between every counterparty – buyers, sellers, carriers, banks, insurers and logistics service providers.
A global leader in the handling of digital trade documentation and automatic settlement, Bolero has been supporting electronic presentation of trade documentation (ePresentation) for over 12 years. It was the first to deliver this under the International Chamber of Commerce’s electronic Uniform Customs and Practice for Documentary Credits (eUCP), in 2010.
Powering more than six million documents and $80bn worth of trade transactions per annum, the business also provides full electronic management and communication of commercial trade finance instruments and related messages. This includes open account, letters of credit, guarantees, standbys and collections between a corporate’s trade finance function and its panel banks.
Gemma Kimber, Marketing Manager with the company said: “We became an IOE member in June this year because we have a shared drive to champion the digitisation of international trade – and the IOE is energetically educating and informing the market about lean e-options.
“Hard copy paperwork is subject to loss, tampering, forgery and fraud and is also inefficient and slow. It can take days to catch up with the goods it relates to, causing severe delays as they are left unloaded in the meantime. By contrast, ePresentation is secure, reliable and instant for improved security benefits and substantial time and cost savings.
“Over the next three years, we plan to grow our ecosystem of connected customers that interact via a shared network. The bigger this is, the more streamlined it becomes and the greater the opportunity for repeat business. For example, the biggest international banking trade groups are those that are Bolero enabled.”
Bolero and the IOE are collaborating to dispel the perception that electronic documentation might not be as secure as its paper equivalent and a series of joint communications campaigns and events are demonstrating the powerful architecture behind the process.
The IOE’s Director General, Lesley Batchelor OBE, commented: “The world is changing the way it is doing business and we are communicating to SMEs the importance of staying at the forefront of digital advances to gain competitive advantage. There are concerns about cyber-security and having Bolero partner us in education and awareness raising for exporters is invaluable to ensure that these misgivings are dispelled before they lead to lost opportunities.”
Gemma Kimber reports a high level of IOE membership among its existing and prospective client base and the very useful connections and networking opportunities it offers. In addition, the Institute’s focus on education has given Bolero opportunities to guide SMEs and develop its own people.
“The IOE is respected as one of the leading providers of education and training for exporters – enabling us to give and receive clear insight on global exporting. We benefited from the Institute’s trainers coming to our offices to deliver courses on international trade, finance documentation and compliance and will be contributing our knowledge and insight to IOE learning materials.”