2023: A Year of Unprecedented Success 

Reflecting on the past year, it’s clear that 2023 marked an extraordinary period of growth within the trade digitization space and for our organization, marked by the issuance of nearly 140,000 Bolero electronic Bills of Lading (eBLs). This milestone underscores our unwavering commitment to improving global trade practices and cements our leadership role in the digital trade documentation sector. 

Strategic Partnerships and Major Contributions 

Our path to achievement has been significantly enriched through collaborations with our valued partners. Major contributions came from two key alliances in the shipping space, in which both added significant volumes and set a base for long term growth, playing pivotal roles in our mission to innovate and streamline trade documentation processes. These partnerships highlight our shared dedication to driving forward with innovation and operational efficiency. 

Analysing Our Growth 

The record numbers achieved in 2023 were driven by our relentless pursuit of innovation, our focus on customer-centric solutions, and the strength of our strategic partnerships. This trajectory of growth is not only a testament to our past achievements but also a strong foundation for the future. 

2024: Off to a Stellar Start 

As we move forward into 2024, our momentum is stronger than ever, with the initial months showcasing remarkable achievements that forecast an exceptional year ahead. Fueled by our relentless drive for innovation and a steadfast commitment to delivering unparalleled service, we are poised for unprecedented success and continued leadership in our industry. 

The beginning of 2024 has seen a significant increase in activity compared to the same period last year, with our volumes more than doubling in the first two months. This surging growth rate of over 100% year-on-year sets a promising tone for the rest of the year and reaffirming our trajectory towards achieving new heights. 

The Road Ahead: Embracing the Future with Bolero 

Reflecting on 2023’s milestones and looking at the fantastic start to 2024, we are filled with gratitude for our customers, partners, and the entire Bolero and wider WiseTech team. Your trust and dedication have been paramount to our achievements. With an eye towards the future, we invite you to join us on this exciting journey as we continue to redefine global trade, one digital solution at a time. 

The post From 2023’s Highs to 2024’s Bright Start: Bolero Continues to Lead in eBL Issuances appeared first on Bolero (WiseTech Global Group).

The transaction concerned a shipment was under LC terms from CHIMEI in Taiwan to Kin San Chemical in Hong Kong with a short shipment duration of 2 days. The Bolero eBL was provided by Wan Hai Lines as part of the electronic presentation of documents, including CTBC Bank in Taiwan and Bank of China (Hong Kong) in Hong Kong.

Bolero’s Galileo platform made the exchange of electronic documents more efficient and secure, speeding up a process that previously took weeks as parties exchanged physical documentation across several countries.

The complete end-to-end flow of secure electronic documents took 3 days, streamlining a process that previously was a week or longer.

Bolero’s Galileo Galileo Multi-Bank for Corporates platform delivers enhanced functionalities and seamless integration with banks and other third-party systems and provides end-to-end visibility to corporate clients and banks. With the solution, CHIMEI is able to manage their ePresentations in one central platform.

With the increased demand in the digitisation of trade finance operations, Bolero has an interest peak amongst Taiwanese corporates and banks who are eager to digitalise their manual paper-based processes.

Bolero has the world’s biggest financial institutions directly connected to its 24/7 global network for paperless trade solutions – allowing for immediate settlement between parties. On Bolero’s global network, banks and corporates can exchange documents in real-time with 100% accuracy with complete audit trail and proof of delivery.

“We are delighted with our partnership with CHIMEI who recognise our expertise in this area and is working with us as we look to accelerate their digitisation efforts” said Bolero CEO Andrew Raymond. “The last year has seen an acceleration of the move towards digital trade in the region, driven by the desire to ensure supply chains stay open during times of crisis and uncertainty.”

“CHIMEI has always been committed to realize digital transformation. Through Bolero’s paperless trade solution, we reduce the risk of document sending, and reduce carbon emissions. We do our best to contribute to ESG practices, and continue to provide customers with faster, safer value-added services, build a trustworthy partnership with customers, and coexist and prosper together. ” said David Wang, vice president of CHIMEI’s Operation Head Division.

About Bolero International (WiseTech Global Group)

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a formidable reputation and market leadership position in driving the digitisation of global trade. Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions.

Bolero International is now part of WiseTech Global.

About CHIMEI Corp.

CHIMEI is a Taiwan-based performance materials company that designs and manufactures advanced polymer materials, synthetic rubbers, and specialty chemicals. Companies from around the globe seek out CHIMEI to boost their products’ performance and durability, find a breakthrough in aesthetics, raise their production efficiency, and reduce their environmental impact.

Since its founding, CHIMEI has pursued 幸福 (Xingfu): Well-Being Through Contribution, the principle that contributing to society leads to success and fulfillment. This belief has guided CHIMEI since day one to focus all efforts on the greater good.

Discover how CHIMEI helps businesses aim higher, and steps up to its global responsibilities, at www.chimeicorp.com.

The post CHIMEI conducts transaction with partners on Bolero trade finance platform. appeared first on Bolero (WiseTech Global Group).

Corporates engaged in international trade are all too frequently stuck with manual methods despite advancing digitisation in many other areas of professional life.

This manual approach to trade finance transaction handling not only consumes the time of skilled employees, it also undermines agility at a time when exporters and importers face enormous pressure from high inflation, rising interest rates, the disruptions of the Ukraine war and the continuing imbalance between supply and demand in global markets. Chinese lockdowns also continue to cause major disruptions.

With so much unpredictability affecting trade and its financial supply chain, there are definite advantages for corporates that accelerate digitisation to streamline their trade finance processes and enable faster and more effective decision-making.

What corporates and their staff need is end-to-end visibility of trade transactions from one pane of glass instead of multiple portals and methods of communication.

Banks need to support or provide all-in-one trade portals

Solutions are available that have all these capabilities and more. All it takes is for banks to deploy or support them. They come as trade portal platforms that digitise trade finance instruments and documents to give corporate customers that critical level of visibility right across the ecosystem of participating banks, financial organisations and counterparties in each transaction. The added capacity to expand networks beyond a one-to-one connection means banks can provide customers with new capabilities that win their continued loyalty in a cost-efficient way. Digitisation of the customer experience and advanced transaction-management through trade portals should therefore become priorities for banks.

Corporates need a consolidated view and the ability to manage their open account transactions and letters of credit, bank guarantees, and electronic presentations of trade documents such as bills of lading.

Proven technology and established networks are vital

There is an important consideration in all this. Digitisation of trade finance requires connected and effective networks, founded on advanced technology that is tried and tested. More advanced trade portals have already proved themselves in the real world and have their own networks. Their reach extends to organisations including other financial institutions, carriers, forwarders, and major corporate customers.

These SaaS platforms can be fully and securely integrated into the back-end systems of major global banks in a quick time to market. They have already achieved a critical level of interoperability – a key sticking point for many new systems. Such platforms will, for example, take care of important updates, such as those applying to SWIFT messaging types and standards. The streamlined efficiency and increased visibility of these advanced portals has earned them a high level of credibility in more forward-looking organisations. And with multi-layered architecture and browser-agnostic functionality they offer high levels of scalability and flexibility.

In unpredictable times these platforms bring corporate customers much greater control and the flexibility to adapt to significant market changes and new financial pressures that characterise the current global economy. Increased adoption of digital trade finance solutions by banks across the globe will enable corporates to communicate far more easily with all their banks and finally move away from antiquated paper processes and multiple communication channels.

The post How can banks make life easier for their corporates clients? appeared first on Bolero (WiseTech Global Group).

Digitisation of global trade has gained greater urgency since the pandemic but its still a long way off. So many processes still rely on paper documents such as bills of lading used under open account, documentary collections and letters of credit transactions.

This reliance on paper increases risk and takes up huge amounts of time for staff at trade finance banks, exporters, importers, carriers, forwarders and port authorities. Paper documents go missing, are prone to forgery and generate large overheads.

The real rewards of digitising trade documents

Digitisation removes all these disadvantages, using secure and legally recognised electronic versions of trade documents that organisations exchange in encrypted form. Documents are unique, and constantly visible on a secure trade digitisation platform where they are protected from tampering by embedded digital audit trails. Their transfer at the click of a mouse eliminates costly delays when paper documents fail to arrive on time.

Last year, the G7 countries sought to advance digitisation with publication of a framework for collaboration on electronic transferable records. And it is encouraging to see the Digital Container Shipping Association (DCSA), BIMCO, FIATA, ICC and SWIFT recently formed the Future International Trade Alliance (FITA) and signed a memorandum of understanding to standardise digitisation of international trade.

Yet agreement on, and subsequent usage of, digitisation standards is unlikely to happen soon with so many organisations involved, including the UN and WTO. There are many associations, different jurisdictions, individual government authorities and representatives of invested parties.

Global trade is likely to adopt multiple standards

The wait for standardisation is in part paralysing digitisation. It is time for banks and corporates to realise that rather then one standard, multiple standards are likely to apply in future, as they do in other fields.

It is why an increasing number of organisations – especially in South Asia and the Far East – recognise they need to deploy solutions that already deliver results. Current SaaS trade digisation platforms provide significant efficiencies they cannot ignore. These SaaS platforms digitise trade documents and have extensive networks among leading trade finance banks, carriers, importers and exporters. They come with the approval and recognition of industry bodies such as the International Group of P&I Clubs.

When banks deploy them as portals they provide end-to-end visibility of all transactions for corporate customers, vastly improving their experience. They relieve them of many time-consuming tasks and reduce overheads, offering far more choice of risk mitigation and financing options. They are also capable of exchanging data securely and rapidly with other systems, which is vital if digitisation is to extend along the whole global supply chain. This streamlining of processes eliminates the delays common with paper documents.

A key feature of a SaaS platform such as Bolero’s Galileo is that it also operates according to proven rulebooks which is an increasingly common practice in digital B2B networks, especially when written under internationally recognised jurisdictions such as the English common law. Galileo also offers a range of advanced services such as AI-based document verification, which further accelerates processes.

Move forward with trade digitsation now

Banks, carriers and corporates in all parts of the worlds must realise there is no point waiting for global agreement on trade digitisation standards. The obvious advantages of current digitisation solutions make plain that if organisations hold back, they risk losing out to those adopting platforms already in use and likely to become part of future standards anyway. It is hard to see any new international standard excluding digitisation platforms that have already achieved significant acceptance and uptake. Banks and corporates should simply get on with digitisation now.

The post The standards debate continues – Why you need to digitise your trade processes now appeared first on Bolero (WiseTech Global Group).

Headquartered in the United Kingdom and with over two decades of experience, Bolero offers fully digital solutions for carriers to digitize Bills of Lading, creating eBLs that can be transmitted, endorsed and presented electronically to port authorities, customs, financial institutions, logistics partners and other parties. This removes rekeying of paper-based and scanned documents with accurate, efficient digital documentation. All parties to the transaction can securely monitor progress and access information about ownership, progress and payment throughout the supply chain life cycle.

With a network of more than 200 carriers across the globe and some of the world’s biggest financial institutions directly connected, the vision for both WiseTech and Bolero is to enable end-to-end, digital-first trade documentation. This will allow for straight through processing of all data, converging the physical supply chain with digital financial and trade documentary requirements while offering a single view for all supply chain participants, including manufacturers, cargo owners, carriers, banks and service providers.

Richard White, Founder and CEO at WiseTech Global, said: “As the logistics industry continues to move toward digitization, the need for paperless solutions that provide end-to-end execution and visibility are critical. We see tremendous synergy in combining Bolero’s capabilities within the CargoWise ecosystem, creating seamless end-to-end digital workflows. The Bolero team’s knowledge and technology stack will be connected directly into the CargoWise ecosystem to provide benefits to existing CargoWise customers through the provision of leading eBL, digital documentation workflows and the digital connection to banking and settlement services.

“Our shared commitment to develop digital capabilities that enable and empower global trade means together we will continue to provide our customers with solutions to meet the future needs of the industry. We are excited to welcome Bolero into our global WiseTech team.”

Andrew Raymond, CEO of Bolero, said: “Joining the WiseTech Global group is a natural progression for our business, and a huge step forward for fully digital supply chain documentation, facilitating safer, smarter and faster global trade. Bolero has a proven track record with importers, exporters, ocean carriers, major banks, and port terminals. We are excited by the opportunity to enhance the leading CargoWise ecosystem and provide some of the world’s largest logistics service providers and carriers with digital documentation solutions. We remain committed to our long-standing customers and partners and continuing to enhance our solutions with the product development and innovation strength of WiseTech.”

About WiseTech Global

WiseTech Global is a leading developer and provider of software solutions to the logistics execution industry globally. Our customers include over 18,000 of the world’s logistics companies across more than 165 countries, including 41 of the top 50 global third-party logistics providers and 24 of the 25 largest global freight forwarders worldwide. Our flagship platform, CargoWise, forms an integral link in the global supply chain and executes over 72 billion data transactions annually.

Our mission is to change the world by creating breakthrough products that empower those that own, enable and operate the supply chains of the world. At WiseTech, we are relentless about innovation, adding over 5,000 product enhancements to our global platform since listing on the ASX in 2016 while bringing meaningful continual improvement to the world’s supply chains. Our breakthrough software solutions are renowned for their powerful productivity, extensive functionality, comprehensive integration, deep compliance capabilities, and truly global reach.

For more information about WiseTech Global or CargoWise, please visit wisetechglobal.com and cargowise.com

PRESS RELEASE CONTACTS

Marijana Okanovic | marijana.okanovic@wisetechglobal .com | + 2 8001 2200

The post WiseTech Global extends digital documentation offering with acquisition of Bolero.net Limited appeared first on Bolero (WiseTech Global Group).

Today, we are probably at a similar crossroads, where digitisation is opening up new opportunities for cost-saving automation, accuracy, speed and vastly-improved efficiency in trade documentation.

We at Bolero have been at the forefront of this journey and were the first to provide the electronic bill of lading (eBL) solution approved by the International Group of P&I Clubs.

Beyond electronic Bills of Lading, Bolero has also been closely aligned with the digitisation of trade finance, expanding to provide more of the supply chain with digital alternatives to paper documents. That through our solutions support the world’s leading carriers, financial institutions and corporates. This allows us to give a unique perspective on the market changes within shipping and finance as it pertains to digitisation.

The bill of lading, for example, has been around for a long time and is likely to remain a key instrument in global trade, issued by a contracting carrier to a shipper. Yet, it too is part of the digital revolution in trade documentation. Just like its paper equivalent, the electronic bill of lading, (eBL) has 3 basic functions:

• A receipt from the carrier for the goods it describes
• The contract for the carriage of the goods
• A document of title, entitling the rightful holder to claim delivery of the goods

Just like a paper bill of lading, the electronic variant must have only one holder at any time. This can be ensured in the subscription of participating parties to a legal rulebook that outlines roles and responsibilities. This enforces the notion of a transferable singularity and secondly, through the use of a messaging platform and title registry database that ensures that essential element of singularity and that there will be no departure from what the rulebook requires.

The eBL fully replicates the functions of a paper bill of lading, containing as it does, the specific data such as a description of the cargo, the ports of loading and discharge, the date of shipment and so forth, along with the terms and conditions of carriage. The new holder takes up the rights in the eBL, subject to the obligations and limitations.

As the advantages of eBLs have become apparent, they have been recognised around the globe. BIMCO, the well-respected carrier association with a reputation for documentation, has issued a standard charter party clause. Additionally, P&I clubs in the International Group provide as standard protection and indemnity coverage for eBLs on the same basis as paper bills.

Whilst there has historically been some reticence to the adoption of these digital variants, a year and a half into the Covid-19 pandemic any lasting objections to taking trade paperless appear to have dissipated entirely.

As a result of lockdowns across the globe; in-person meetings have become scarce, but some would say more importantly have prevented the processing and transportation of important trade documents, chief amongst them the Bill of Lading.

We are now at an inflection point where the digitisation agenda for carriers and forwarders has not only accelerated but there is now political capital that can be gained with the adoption of several legislation in various jurisdictions.

With more than $15 trillion in goods transported annually, the shipping industry is complex and ever-changing. Tightened security measures, business constraints, and competition require companies to look for new ways to run their businesses more efficiently. Electronic Bills of Lading (or eBLs) are changing the industry one freight bill at a time.

How do electronic bills of lading work?

The electronic bill of lading (eBL) is the electronic equivalent of a paper bill of lading. The eBL is a combination of the title registry records and an attached document containing the eBL data.

• An eBL can only have one holder at any one time
• There must be a holder at all times.
• The title registry records who is the holder.
• Holdership is the electronic equivalent of possession of the physical paper bill of lading

There are three key functions of the bill of lading:

Receipt

The receipt function is easily replicated in the electronic world. The quality of, and therefore the ability to rely on the data confirmed is linked with the quality of the security in the electronic system used. Put simply, are there sufficient measures in place to ensure the identity of the issuer (the carrier) and the authenticity of the data. The right to rely on this receipt.

Contract of Carriage

The contract function is also easily replicated in the electronic world. As we have seen, there are two elements to the bill of lading contract – the data specific to that carriage (port of loading/date of shipment etc) and data setting out the terms and conditions of carriage. As between the carrier and the shipper this is no different to the receipt function. It gets a bit more complicated when the eBL is transferred to a new holder. There is no universal law relating to how the rights and obligations in a traditional bill of lading contract are transferred, this varies from jurisdiction to jurisdiction. The Rulebook establishes the legal method by which this happens for a Bolero eBL. Transferring the eBL means that the new holder becomes a party to the eBL. The new holder takes the rights in the eBL on transfer subject to the obligations/limitations in the contract – the most well-known limitation being the carrier’s ability to limit liability for loss of or damage to the goods.

Document of Title

This function is the most difficult to reproduce in an electronic format. The answer again is found in the Rulebook that characterises precisely the nature of the rights that the new holder gets when it receives the transfer of the eBL. At the moment of transfer, the right of control over the goods passes to the new holder. The new holder becomes the only party entitled to give instructions to the carrier. This is known as constructive possession and this unique right drives the ability to use the eBL for letters of credit and documentary collections. Included in this is the sole right to demand delivery of the cargo from the carrier.

A common misconception is that moving from electronic to paper defeats the purpose of using an eBL in the first place. The speed, accuracy and integrity of an eBL will benefit users up to the point at which a replacement is sought. For example, the eventual holder may require a traditional bill of lading but that doesn’t mean those earlier holders cannot benefit from the benefits of an eBL prior to that final transfer.

Another common misunderstanding is that the replacement will only be from eBL to traditional paper bill of lading. It is relatively easy to see a situation where a party in receipt of a paper bill seeks the replacement of that paper bill with an eBL (if a letter of credit either requires an eBL (under eUCP for example) or an option for either an eBL or a traditional bill of lading). The quicker the documents are presented, the quicker the beneficiary can get paid and/or the goods can be delivered. In this instance the carrier will require the return of the paper bill of lading before issuing a replacement eBL.

So, what does the future look like? 

Being involved on both sides of international trade with carriers and financial institutions, we see the partnerships of technology providers, fintechs as the key to digital interoperability between the key counterparties of international trade and elimination of paper processes. The depth of knowledge gained through direct collaboration with the largest shipping lines and financial institutions has allowed companies like Bolero and other providers to develop the connections in networks not seen previously in the paper world.

Adding standards and guidelines on top of that with organisations like DCSA, ICC, UN CEFACT, it becomes easier to align financial documents with shipping documents via digital platforms. Standards facilitate the development of technology providers by lowering the implementation cost and increasing interoperability. But they also help streamline solutions using similar processes and patterns hence leading to adoption by the different trade parties.

At Bolero, we welcome and support any initiative that strives to enable digital trade, regardless of if this can be achieved by cooperation, interoperability, common standards or even through global Legislative developments. Having been a pioneer in this space for over two decades, we understand like no other how challenges need to be overcome and how important it is to be a trusted solution and services provider in this innovative area.

Hence, we look forward to continuing to pragmatically support our current and future customers on their digital trade journey.

The post eBLs; the decades old innovation changing today’s game. appeared first on Bolero (WiseTech Global Group).

The two industry leaders will work together to improve the visibility, transparency, and efficiency of trade transactions by using Bolero’s electronic bill of lading solution.

In March 2022, HMM successfully completed its trial use of the electronic bill of lading between India and China, using Bolero’s Galileo platform. HMM’s customers are expected to receive reliable paperless services without any changes or disruptions to business operations.

Leveraging Bolero’s global network of banks, HMM expects continued growth in 2022 working with Bolero on the use of eBLs in Asia.

Bolero’s electronic Bill of Lading (eBL) solution is the trusted replacement for paper Bills of Lading, helping major importers and exporters to reduce the risk and cost of paper-based documents in trade and finance. One of the industry’s most widely used eBL solutions, Bolero has a proven track record with major banks, traders, shippers, shipping lines and port terminals.

The eBL solution enables eBL to be created, transmitted, endorsed, and presented to port authorities or customs electronically, removing many of the inefficiencies associated with paper-based processes. Capturing data electronically at every stage of a transaction, also allows parties to monitor progress as well as access accurate information about ownership and payment throughout the supply chain.

Bolero has the world’s biggest financial institutions directly connected to its 24/7 global network for paperless trade solutions – allowing for immediate settlement between parties upon receipt of an eBL. On Bolero’s global network, banks and corporates can exchange eBLs in real-time with 100% accuracy, i.e., a complete audit trail and proof of delivery. Bolero provides a secure, paper-free means for banks to exchange eBL with other banks, corporates, and shipping lines.

“We are delighted that HMM recognises Bolero’s expertise in this area and is working with us as we look to accelerate the growth of eBLs across Asia,” said Bolero CEO Andrew Raymond. “The last year has seen an acceleration of the move towards digital trade, driven by the desire to ensure supply chains stay open during times of crisis and uncertainty.”

“We are pleased with the successful collaboration with Bolero in digital solutions. Eliminating paper-based documents will make the shipping transaction easier, faster, and more secure.” said HMM Chief Operating Officer, Park, Jinki.

“We believe introducing the eBL solution is a significant step in the right direction, and HMM will be committed to providing customers with a digital trade platform that can increase the efficiency and velocity of trade.”

About Bolero International

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a formidable reputation and market leadership position in driving the digitisation of global trade. Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions.

About HMM Co., LTD

HMM is South Korea’s national flagship carrier headquartered in Seoul with more than 45 years of experience within the shipping industry. As one of the world’s leading container shipping companies, HMM operates worldwide logistics services with a global fleet of over 100 state-of-the-art vessels. HMM strategically collaborates with customers to develop customised supply chain solutions for dry, refrigerated, and other specialised cargo.

PRESS RELEASE CONTACTS

Bolero International:

For media enquiries please contact:

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

Email: bolero@whiteoaks.co.uk

HMM Co., LTD:

For media enquiries please contact:

Public Relations Office

Tel:  +82 2 3706 6020, 6030

Email: hj.kim@hmm21.com; hojoon.lee@hmm21.com

The post Bolero and HMM join forces to accelerate eBL growth in Asia. appeared first on Bolero (WiseTech Global Group).

The COVID-19 pandemic has underscored the importance and fragility of global supply chains and how disruptions have costly impacts on interconnected global economies. This has fueled demand for a wide range of digital solutions, including the use of electronic bills of lading, a key shipping document facilitating the transfer of title of the goods. Until now, organizations were often forced to use multiple solutions to address the complexity and diversity of the challenges in global trade, resulting in an inconsistent approach and disjointed customer experience.  

Bolero’s trade finance digitisation platform, Galileo, securely connects corporate clients with their trade partners and banks and allows corporates to manage all their Letters of Credit, Guarantees, Standby LCs, ePresentations under LCs, Open Account and Documentary Collections, and electronic bills of lading in one central solution.  

The TradeLens eBL simplifies the issuance, transfer, and surrender of original shipping document in structure format allowing for the digitisaion and automation of supply chain and financial processes. It is an eBL solution accepted by industry, including ocean carriers, banks, and regulators.  

In this collaboration, TradeLens eBL will be integrated into Galileo, connecting the two platforms’ respective and growing networks of banks, corporates, and supply chain participants. This will provide a streamlined and seamless experience for users of Galileo who wish to leverage TradeLens eBL’s carrier network. 

Andrew Raymond, Bolero CEO said “Bolero has a vision to connect the physical and financial flows to digitise trade finance. For this to happen, we need to be able to provide a common view of the data and documentation that is shared between all parties in the supply-chain process. Our investments in the Galileo platform make this possible.” 

“Our strategy with Tradelens is to provide access to the TradeLens Electronic Bill of Lading from within the Bolero Galileo application. This will leverage the Bolero bank network to more easily connect corporates and banks involved in financing goods in transit. Our goal is to become an aggregator of various electronic documents in Trade to provide a single point of access to our clients and giving both Banks and corporates the ability to easily access and exchange these documents as part of their Trade transaction flows.” added Raymond.  

“We developed TradeLens as an open and neutral industry platform. Our open APIs and simplified onboarding allow corporates and banks to use our digital services, including the TradeLens eBL, when and where they need it. The Integration with Bolero will help increase trade velocity across our business networks and accelerate the industry wide move toward paperless trade finance transactions”, said Michael White, CEO of GTD Solution and the TradeLens platform.  

The approach of integrating solutions where customers need them is common in the digital realm, which means users of technology gain access to best-in-class services without additional or multiple integrations. This collaboration is a practical example of connectivity for global trade and platforms and enables local communities in emerging and developed markets to participate in financial and trade opportunities.  

About Bolero International

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a formidable reputation and market leadership position in driving the digitisation of global trade. Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions.

About TradeLens

TradeLens is an open and neutral industry platform underpinned by blockchain technology, supported by major players across the global shipping industry. The platform promotes the efficient, transparent, and secure exchange of information to foster greater collaboration and trust across the global supply chain. For more information, please visit www.tradelens.com 

PRESS RELEASE CONTACTS

Bolero International:

For media enquiries please contact:

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

bolero@whiteoaks.co.uk

TradeLens:

For media enquiries please contact:

Ben Haddock 

Tel:  +1 551 256 9353 

ben.haddock@gtdsolution.com

The post Bolero and TradeLens join forces to accelerate electronic bill of lading adoption across the global shipping industry. appeared first on Bolero (WiseTech Global Group).

Many treasurers still use manual complex workflows that typically involve multiple systems and points of contact, especially for managing and optimising credit lines and instruments like bank guarantees, letters of credit (LCs) and standby letters of credit (SBLCs) across multiple banks. That’s a serious issue as it is taking time away from identifying new opportunities, improving counterparty relationships and staying compliant with regulatory stipulations.

Fortunately, there are tools and techniques that treasurers can put in place to overcome this challenge; to streamline their workflows and communications with their banks, both direct and correspondent, to optimise their credit line utilisation, transaction management, and to leverage the advancing digitisation of banks and insurance providers.

How going digital can work for corporates

Leading banks are today focused on adopting advanced technologies in order to digitalise their communications processes. From advance payment guarantee to performance bonds, this simplification and streamlining has allowed treasury networks to adopt more frictionless processes. Banks have been successful in removing much of the manual burden of reconciliation and steps have been taken on the road towards more paperless trade finance procedures.

There is still a long way to go, however. To date, only a small number of corporates are making use of efficient, automated solutions to manage their credit lines and banking partner relationships. In industry and commerce, there is little improvement in handling documentation – and manual processes often hold sway. In international trade finance, documents and paper guarantees are frequently lost or mislaid and they are also frequently prone to forgery and fraud, especially with letters of credit. Typically, they will need to be safely stored and manually reconciled – a process that

has long been burdensome but exacerbated further by the constraints of the pandemic, during which handling and distribution of documentation has become an especially acute problem.

Route map to digital

So what is needed to help large corporates and their treasury departments to move to digital for their trade documentation processes, including transactions and credit facilities? Many today remain reluctant to adopt digital because they frequently require costly integrations that don’t always offer a clear benefit.

It is therefore imperative that providers deliver user-friendly solutions that simplify integration and are able to connect with an extensive network of banks to ensure credit facilities, transactions and bank guarantees stay current. And it is equally key that treasury departments, especially those within large multinational corporations, can manage and edit letters of credit, bank guarantees and electronic presentations from a single interface.

Delivering on core goals of transparency and control

With more and more digital solutions being adopted by banks globally and better interoperability between these solutions, it is much easier for corporates to communicate with all the banks and finally make a decisive step away from antiquated paper processes and multiple communication channels.

We are at the dawn of a new age in trade digitisation. Adopting multi-banking trade finance solutions today enables treasuries to remotely manage and optimise letters of credit, bank guarantees and credit line relationships with banks. It is bringing an ease and efficiency that is now an urgent necessity.

The technological landscape for trade and treasuries has propelled forward, helping digitise key paper documents, reconcile transactions in one place and build open communications channels with financial institutions. For today’s treasury departments, many of which are still wedded to paper and complex manual processes, the message is stark, if you want to build an efficient trade finance process, digitisation is not merely an option but an urgent imperative.

The post How treasuries can cut through the paper mountain and better manage credit facilities. appeared first on Bolero (WiseTech Global Group).

The combination of 360tf and Bolero’s offerings will allow corporates to gain greater efficiencies in digitising the end-to-end process from applying for transactions to arranging trade financing. Bolero’s innovative Galileo Multi-Bank for Corporates platform will allow 360tf’s corporate users to digitise their LC flows and improve the visibility of their LC transactions while lowering the cost and risk of transacting with multiple banks.

With this combined offering, 360tf will expand the number of services to their existing corporate users and add significant value to their overall proposition through the Galileo Multi-Bank functionality.

Andrew Raymond, CEO at Bolero International said “We have been impressed by the team at 360tf and we believe that our product offering will complement 360tf’s existing clientele. By providing the 360tf corporate users with access to Bolero’s Galileo LC functionality and Bank network we believe that digitization of trade flows for LC’s is now in reach of the mass market.”

Raymond added; “There is a big corporate demand to utilise proven solutions from leading providers such as 360tf and Bolero. Our partnership is important to our long-term strategy as well as the expansion of our Galileo solutions in Asia and the Middle-East.”

Vincent Acors, Bolero’s Director of Trade Finance, APAC added “360tf’S clients are part of an ever-growing number of corporates who need and want to digitise their communication with their banks. In turn 360tf Banks who are not already on the Galileo platform will be looking to join the ecosystem to assist corporates. I look forward to working with the 360tf team to achieve a stronger offering to our respective clients.”

Co-Founder of 360tf Pankaj Mundra said “At 360tf, we have poured decades of experience & expertise in dealing with clients across the globe on their Trade Finance requirements. In the short period since inception, 360tf has amassed a Gross Transaction Value (GTV) of $375 million+ and a user base of 140+ corporates from ten countries with an annual turnover of $10bn. We are excited to be at the cusp of a new future for Trade Finance and are ecstatic to join hands with Bolero on this journey ahead. We endeavor to onboard 1,000 clients before end of the year, and are confident that through this collaboration, Bolero shall gain significant clientele through the combined solution offerings. “

Vikram Lodha CEO also added: “We strongly believe that challenges are just stepping-stones for innovation and overcoming them lays the platform for a successful revolution! We are delighted to be part of this revolution and have vowed to deliver solutions to address challenges faced by clients across the globe in accessing trade finance – as a start, we have brought down the turn-around time for arranging Trade Finance by 50 percent” 

About Bolero International

Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero International has built a formidable reputation and market leadership position in driving the digitisation of global trade. Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions.

About Galileo Multi-bank for Corporates

Galileo Multi-Bank for Corporates enables corporates to transact on a single platform instead of multiple bank platforms advising and applying for LC’s, Stand by LC’s, Bank Guarantees, e-presentations and electronic bills of lading. Corporates can access all of their trade finance transactions and services 24hrs a day regardless of department, subsidiary, or geographic location.  Significant features in Bolero’s Galileo provide the corporates visibility and control over the end-to-end process.

Banks also benefit from a greater scope of innovation through Galileo, the solution helps financial institutions achieve faster communication to their corporate customers, helping to manage advice, application and discrepancies digitally, reducing transaction times, resource and all within a secure environment.

About 360tf

Backed by over a decade of Trade Finance expertise, 360tf is a Nimai group endeavor to build a novel ecosphere that instantly connects businesses and financial institutions across the globe to fund trade flows on the best of terms.

While 360tf is Headquartered in Singapore, Nimai as a group is present in UAE, Qatar, Kenya, Nigeria, Bangladesh, Sri Lanka & India with associate partners and clients in more than 40 countries including significant coverage in Africa, South Asia, GCC & Europe. Nimai group also cherishes 250+ relationships with various Financial Institutions comprising Commercial Banks, Debt and Sectoral Funds, Private Equity Funds, Multilateral Agencies, Alternate Financing Institutional Funds and Development Financial Institutions with a specific focus on Trade Financing. With a track record of facilitating trade finance transactions of USD 2 billion the group is best positioned to digitize financing in the industry through 360tf.

PRESS RELEASE CONTACTS

Bolero International:

For media enquiries please contact:

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

bolero@whiteoaks.co.uk

360tf:

For media enquiries please contact:

Lakshya Pandey

Tel: +91 9549 303360

Lakshya.Pandey@360tf.trade

The post Bolero International announces major partnership with 360tf for the expansion of Galileo Multi-Bank for Corporates in Asia, Middle East, and other geographies. appeared first on Bolero (WiseTech Global Group).