Bolero Awarded US Patent for its Electronic Bill of Lading Technology
Tuesday, January 29, 2013
January 2013, London. Bolero has announced the issuance of United States Patent No 8,170,929 covering the company’s title registry technology and legal rulebook. Together these allow Bolero to provide globally a legally certain electronic bill of lading (eBL), a critical development in the automation of trade flows, process efficiencies and reduction in time to cash. The eBL is also essential to the provision of fully electronic presentation of documents under a letter of credit, or other trade finance instrument such as a documentary collection.
Bolero provides comprehensive Trade Finance applications delivered from the cloud enabling speedy adoption, zero infrastructure cost and intuitive use. Underpinning these applications is the unique Bolero Community Manager platform which enables data transformation and ensures security, legal certainty, non-repudiation and document originality. Unlike alternatives the Bolero eBL is designed for interoperation with external systems, networks and communities utilising standard APIs and a fully open technology architecture. The Bolero eBL is also a core component of Bolero’s range of electronic Presentation solutions.
“This patent confirms Bolero as a leader in innovation in trade finance services.” said Tom Rahder, VP Product Strategy at Bolero. “Bolero’s patented technology and cloud based architecture have dramatically changed the way corporates and banks collaborate, guaranteeing a roadmap to full electronic presentation of documents”.
Bolero’s ability to deliver legally certain electronic documents including complex documents of title such as the bill of lading enables fully electronic presentation of documents between all parties whilst ensuring legality and eliminating risk. Bolero customers have successfully demonstrated this through the first live presentations under eUCP for Letters of Credit most recently into mainland China.
The technology and legal infrastructure provide the risk mitigation and compliance required to ensure the enthusiastic support of financial institutions.
The Bolero Title Registry (TR), the technology central to this patent award, was developed by Bolero as the result of significant cross-industry research and consultation. The Bolero legal rulebook, which, together with the TR ensures global legality of the Bolero eBL, was developed by Bolero following the largest and widest ranging feasibility study into the global use of electronic documents in cross-border trade conducted in conjunction with a number of major international law firms.
Bolero is a cloud-based platform which provides a different way to implement multi-bank trade finance solutions.
Unlike traditional point to point approaches which are costly, complex and uncertain, Bolero’s cloud architecture ensures fast deployment, ease of use and global access together with no infrastructure costs. Users benefit from accelerated time to cash, reduced costs, greater control and visibility and operational efficiencies.
Because trade finance involves collaboration between multiple parties, all Bolero Applications are built on the Bolero Exchange, a collaborative platform which supports all trade flows between all parties and across all locations. Each Bolero member only needs to connect once and then has common access to all other community members whilst remaining completely insulated from a trade partner’s specific technology and business process.
Bolero is more than a technology solution – it is a community of corporates, banks, insurers and logistics service providers operating in more than 30 countries and managing more than 400,000 trade transactions per month.
For more information, please contact:
Bite Communications – for Bolero
Tel: + 44 (0) 20 8741 1123