Bolero, the electronic communication system backed by
the Through Transport Club and the Society for Worldwide Interbank Financial
Telecommunications, has been launched commercially.
Named bolero.net, the system allows for the electronic transmission of
all documents and data between the parties in the trade chain.
It provides shippers, carriers and logistics companies with a
third-party electronic system for the secure delivery of trade documentation. The system
will be able to transfer paper-less negotiable bills of lading.
Bolero.net has outsourced the system’s secure messaging service to
S.W.I.F.T, one of the two shareholders of the joint venture. S.W.I.F.T. processes
financial instructions for over $2 trillion a day.
"Most international agreements take the use of paper as
given," a spokesman for bolero.net said. "Until now, sending electrons down a
wire has not involved the exchanging of contractual obligations – bolero.net will change
this."
Bolero.net said that it aims to be a standard for the industry,
accepted internationally.
Additional information on the system is posted on its web site at
https://www.bolero.net.
BOLERO ELECTRONIC SYSTEM GOES LIVE
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