BOLERO.NET ADDS ONLINE PAYMENT UTILITY
Bolero.net, the electronic trade facilitator, has introduced an online financial settlement service aimed at international trade.
Called “boleroSURF,” the utility is an online mechanism that ensures that both parties to a trade have fulfilled their contractual obligations, allowing payment to take place and the goods to be delivered.
The settlement utility incorporates aspects of existing financial settlement methods, such as document compliance, and can be combined with Bolero.net’s electronic bill of lading and online system to transfer ownership of goods.
Once a buyer and seller agree on the contractual terms, the necessary documentation is lodged with the SURF mechanism, Bolero.net said. Every stage of the transaction is then verified and validated.
Bolero.net said that the settlement utility will allow importers and exporters to reconcile order against delivery data, improving inventory management and managing orders against settlements for cash optimization.
Banks will offer the secure settlement utility to their clients.
“BoleroSURF builds on the already constructed components of the bolero.net service offering,” the company said. “The core messaging system of bolero.net allows trade data and documentation to be exchanged online in a secure environment.”