(30 March 2022 – United Kingdom) Bolero International has announced a collaboration with TradeLens to provide a seamless digital experience for importers and exporters using electronic bills of lading (eBLs) in trade finance transactions.
Cloud-based trade finance digitisation group 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 (LCs), Guarantees, Standby LCs, ePresentations under LCs, Open Account and Documentary Bills for Collection (DCs), and electronic bills of lading in a single solution. Blockchain-based global trade platform for containerized goods provider TradeLens eBL simplifies the issuance, transfer, and surrender of original shipping document in structure format allowing for the digitisation and automation of supply chain and financial processes. It is an eBL solution accepted by industry, including ocean carriers, banks, and regulators.
TradeLens eBL will be integrated into Bolero’s Galileo platform, 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.
The COVID-19 pandemic has emphasised the critical value and fragility of global supply chains, especially how relatively minor disruptions can have enormous knock-on impacts to interconnected global economies across raw materials, commodities and complex Elaborately Transformed Manufactures (ETM) such as semiconductors. This has underpinned demand for a wide range of digital solutions, including the use of eBLs which are a key shipping document facilitating the transfer goods titles. Corporates have been 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 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” commented Bolero CEO, Andrew Raymond.
“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” Raymond added.
“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” stated TradeLens and GTD Solution CEO, Michael White.
“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” White added.