Bolero adds new Presentation Dashboard to its live service
Wednesday, September 21, 2011
September 2011, London. Bolero has announced the commercial availability of its new Presentation Dashboard service, the latest addition to Bolero’s ePresentation services which supports fully electronic document presentation including the incorporation of an electronic bill of lading (eBL). Although fully electronic presentation of documents under an export letter of credit is already available as a live service in Bolero, the new Presentation Dashboard brings a significant number of new user options, comprehensive presentation management and automation features and new corporate to bank message types in support of all forms of electronic presentation through to confirmation of payment. As with all Bolero services, this is bank independent and designed to support straight through processing (STP) for both the exporter and for the participating banks.
“We have seen significant interest in the ability to offer robust and fit-for-purpose solutions in support of the whole range of ePresentation options, including pre-checking, direct inspection and full end-to-end electronic document presentation involving all necessary parties” says Claire Buchanan, SVP of Global Operations at Bolero.
Ham Patel, VP Client Engagement at Bolero adds “Attempts by some companies to use file transfer channels or other secure electronic communication channels have met with little success, failing to replicate the delivery certainty of each and every document, failing to guarantee individual document originality (particularly when forwarded to a third party), and of course failing to underpin the whole process with a comprehensive and globally applicable legal infrastructure. By contrast, the original Bolero service was designed specifically to address all these issues, so it is a natural consequence that we are focusing on further developments in this area”.
“The Presentation Dashboard is both a comprehensive management tool as well as the primary user experience for our end-to-end electronic presentation services”, says Luc Volckaert, CTO at Bolero. “We have developed this new service in close collaboration with a number of our exporter customers and their partner banks and in particular with a leading global exporter who has been utilising the Bolero Export LC service for some time and is a thought leader in driving efficiency and automation to the document presentation processes.”
The Presentation Dashboard provides a single workstation for managing and optimizing presentations for settling a transaction under an export documentary credit (letter of credit). This is achieved through encouraging, enabling and ensuring; timeliness, consistency with the current letter of credit with its amendments and compliance with UCP 600 and eUCP version 1.1.
The Presentation Dashboard will support all combinations of automation, electronic and manual documents including:
- Paper presentation, manual bank response
- Paper presentation, electronic bank response
- Mixed (electronic and paper) presentation, electronic bank response
- Electronic presentation, electronic bank response
The new Presentation Dashboard functions include:
- Creation of the Presentation Instruction, inheriting the data from the LC and using this data to create the instruction for the settlement bank. The Presentation Instruction is fully eUCP enabled as it supports paper, mixed and electronic document.
- Internal compliance engine guiding the user to create a compliant presentation.
- Sophisticated support for the selection of the settlement based on the information in the LC and company defined preferred settlement banks.
- Supports examinations, direct presentation, honouring, negotiations and substitution.
- Automatic generation of the Draft and Letter of Indemnity if applicable.
- Comprehensive handling of discrepancies and integrated support for representations.
- End-to-end management of the Presentation from the creation to the payment using the Presentation Dashboard.
- Direct coupling of the Presentation with the corresponding LC for the automatic update of the outstanding balance.
- Extensive monitoring capabilities using filters allowing the selection of Presentation records.
- Audit and tracing capabilities.
“The Presentation Dashboard is the latest deliverable to the live Bolero service in support of electronic document presentation, now one of our principal areas of business focus” says Arthur Vonchek, CEO of Bolero. “This is an exciting opportunity to respond to keen market demand through the delivery of leading edge solutions, built collaboratively and based on proven legal and technology foundations which deliver substantive business value, particularly to large exporters and their trade communities.”
About Bolero:
Founded in 1998, with significant backing from the bank community and from the global logistics industry, Bolero was created as a neutral, trusted third party to develop an open and legally certain platform to deliver paperless trading between buyers, sellers, financial institutions and logistics service providers anywhere in the world, delivering transaction visibility, predictability, speed, accuracy and security.
Today Bolero brings Corporates, Commodity Traders and their Banks together to share the benefits of collaborative Trade Finance, providing an open, neutral and secure multi-party channel designed specifically for the fully electronic communication of trade and trade finance documents and related messages. In addition Bolero delivers powerful collaborative Trade Finance solutions delivered as a global hosted service reducing the cost of deployment and substantially reducing the time to benefit.
Corporates, Commodity Traders and their partner Banks are rapidly deploying Bolero solutions delivering significant reductions in cost and working capital, increased visibility and improvements in operating efficiency. For more information, please visit www.bolero.net
For more information, please contact:
Bite Communications – for Bolero
Tel: + 44 (0) 20 8741 1123
bolero@bitepr.com