BOLERO TO DEVELOP ELECTRONIC STANDARDS FOR TRADE DOCUMENTS

BOLERO TO DEVELOP ELECTRONIC STANDARDS FOR TRADE DOCUMENTS    Bolero.net, the Internet-based trade transactions system provider, said that it is developing cross-industry XML standards for trade documentation.
   The standards “will allow all parties of a trade chain to seamlessly ‘talk’ to each other by automating their information exchange,” Bolero said.
   A so-called “inter-operability” team will develop unified standards for documents such as packing lists, waybills and certificates of origin. Users of the Bolero system will be involved in the definition of the standards, the company said. Bolero will then “enforce and police” the standards, a spokesman said.
   Information on the standard-setting initiative is posted on
www.bolero.net/interop.
   Bolero has appointed Peter Brooks, a former executive of Maersk Data, as head of its interoperability team.
   Neil Chantry, senior manager, systems and procedures of the international bank HSBC, said that “straight through processing of electronic documents to support financial and logistic processes will reduce costs and improve services to importers and exporters around the world.”