Bolero and R3 to design an eBL service opening up major efficiency gains to more counterparties by enabling connectivity across the Bolero and Corda-based business networks
Pilots which are planned for this year, combine the benefits of R3’s distributed ledger technology known as Corda with Bolero’s international network, eBL processing and legal rulebook
October 9, 2017 (New York/London/Singapore) – R3, the enterprise software firm, is to partner with Bolero, the premier world trade finance digitisation solution provider, to develop a new eBL service that opens up seamless connectivity across multiple trade networks.
The two companies have agreed a Memorandum of Understanding for collaboration on the joint project which will deliver a new, easy way of connecting supply chain participants, simplifying and further digitising world trade.
Bolero will extend the reach of its eBL title registry across the supply chain by developing an oracle on Corda, which will enable carriers to connect with corporates and other supply chain participants. Relevant parties will be able to endorse and verify an eBL’s title without needing to revert to paper.
David E. Rutter, CEO, R3, comments: “Like so many of the processes and systems banks are forced to use today, the infrastructure that supports trade financing is extremely outdated and prone to risk and error. The work we have been doing with our members over the last year has shown that this challenge no longer needs to stand in the way of giving businesses access to the services they need to trade across borders. The application we have built is the first of its kind and we look forward to rolling it out to our Corda users across the world.”
The partnership between R3 and Bolero is an important advance in the digitisation of world trade at a time when corporates require solutions giving them the power to respond rapidly to new opportunities and challenges. The new eBL Service will help overcome many of the historical challenges in onboarding supply chain participants, including corporates, banks, ports, carriers, insurers and chambers of commerce. Participants across the supply chain will benefit from Bolero’s eBL solution, slashing from days to hours the time it takes to complete presentation, financing and payment, boosting working capital, efficiency and productivity for all parties.
Ian Kerr, CEO, Bolero, said: “We are excited to be embarking on this important partnership with a renowned innovator such as R3. At Bolero our focus is always on making transactions safer, smarter and faster for everyone in the supply chain. This partnership with R3 is a significant advance in spreading the benefits of digitisation to all counterparties in world trade. We look forward to working very closely with R3 to remove barriers that have been preventing companies from enjoying all the proven gains in speed, security and productivity.”
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R3 is an enterprise software firm working with over 100 banks, financial institutions, regulators, trade associations, professional services firms and technology companies to develop Corda, its distributed ledger platform designed specifically for businesses. R3’s global team of over 140 professionals in nine countries is supported by over 2,000 technology, financial, and legal experts drawn from its global member base. R3 recently announced the successful completion of the first 2 of 3 tranches in a Series A fundraise valued at USD 107 million.
Corda is the outcome of over two years of intense research and development by R3 and its members and meets the highest standards of the banking industry, yet is applicable to any commercial scenario. It records, manages and executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.
About Bolero (www.bolero.net)
Established in 1998 by SWIFT and the global logistics and insurance industry, Bolero has built a strong reputation and market leadership position in driving the digitisation of global trade.
Bolero delivers secure, end-to-end, cloud-based services across the entire global supply chain. By digitising trade processes and transactions, providing greater visibility, transparency and control, Bolero is making trade safer, smarter and faster.
Nick Warren/Nick Murray-Leslie, Chatsworth Communications
+44 (0)207 440 9780
Charley Cooper, R3
+1 929 329 1550
Tom Lee, The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727313