Bolero for Documentary Collections is a multi-bank service which allows you to manage documentary collections in a standard way across all your banks. In addition Bolero provides a unique ePresentation solution which allows for the fully electronic sending of documents to any bank under a Documentary Collection.
The Collection is a ‘Documents against Payment’ process. The role of the banks is limited to processing support for the corporate; the banks do not have any obligation to pay.
The documents involved in a Collection are fundamentally the same as the ones involved in a Documentary Letter of Credit transaction. The full list of documents is specified in the agreement between the Buyer and the Seller. These documents make it possible to (a) secure the shipment for the shipping company (e.g, Bill of Lading), (b) to clear the goods with customs (e.g. certificate of origin, commercial invoice, packing list, etc.) and (3) to offer some guarantee of quality and count (e.g. inspection certificate). The Collection Order is a document prepared by the Seller and specifies the terms and conditions under which the Collection should be handled. Both the Buyer’s Bank and the Seller’s Bank will govern and process the Collection as specified in the Collection Order.
Bolero supports both Direct and Indirect Documentary Collections
Bolero for Documentary Collections provides a consolidated Dashboard for visibility and management of all Collection Orders in a standard process and format across all banks.
Because Bolero uses electronic communication with all of your banks based on structured messages (Bolero Collaboration Library for Documentary Collections), the status of all Collection Orders is always visible on the Collections dashboard.
Bolero is used to create the Collection Order and send to the Remitting bank. An electronic version of the related documents can be included in the message containing the Collection Order, although the application supports the sending of documents separately as paper documents by normal means.
Like all Bolero applications, amendments to Collection Orders are managed automatically tracked individually to provide clear visibility of amendment status and history.
Either the Principal or the Remitting Bank may issue a Tracer to request the status of a Collection Order. Tracing of the Collection Order is handled by the sequence of request/response documents.
Bolero Documentary Collections Application also traces the status of Payment Requests.
Finally, In it's response to the Principal, the Remitting Bank may attach Free Text documents to the Collection Documents. The Bolero messaging channel (Bolero Open4Trade) fully supports free text attachments and the Documentary Collections application provides tools for the management of this free text document related to a Collection Order.