London, 18th Aug, 2020 –Bolero International, the leading global trade finance digitisation expert with more than two decades of experience, is experiencing substantial growth as banks, corporates and shipping liners grasp the advantages of paperless transactions during the Covid-19 disruption.

Since the successful launch of Bolero’s cutting-edge Galileo platform in February, the company has processed thousands of electronic bills of lading (eBLs).

Between January and April, 2020, the volume of eBLs presented digitally on Bolero rose by 46%, compared with the same period in 2019. Bolero’s range of integrated solutions for carriers designed alongside the world’s largest container lines has seen a 380% year-on-year increase in the volume of eBLs transacted. This very significant trend set to continue as more organisations realise digitisation has become a vital necessity in international trade. Galileo’s accelerating roll-out will meet this demand, providing advanced functionality that future-proofs digital trade services for banks, corporates, carriers and other eco-systems.

Bolero is accelerating shipments and time-to-payment, slashing the time it takes to complete a trade transaction. For eBLs, the average time from creation to available for surrender is now two days and four hours, compared with the several days, weeks or whole month required for conventional, paper bills of lading to reach their destinations. For eBLs in the letter of credit (LC) workflow, the average number of days from the point of creation to available for surrender is six days and one hour.

The lowest time to-date for an open account transaction on the Bolero platform is one minute 25 seconds, while for a full end-to-end presentation under an LC, the current record from January to April is one day, two hours and 30 minutes. All the data and statistics provided are derived strictly from live transactions and do not include any pilots or tests.

These rapid transaction times expose the significant disadvantages of paper documents, which are susceptible to forgery, are often delayed or lost in transit and cannot be couriered when movement restrictions are imposed. If bills of lading are unavailable and cargoes must remain in port, significant demurrage penalties are incurred or costly letters of indemnity are required. This in turn can generate high admin costs and lower team productivity.

Andrew Raymond, CEO, Bolero said: “The pandemic has shown that adoption of cutting-edge digitisation to remove paper and streamline trade processes is now a no-brainer. Despite very tough conditions during the pandemic, corporates, banks and carriers have achieved major efficiencies and opened up new opportunities using the advanced connectivity, open interfaces and intuitive design of our new Galileo platform.

“Having begun its roll-out we are now preparing to announce some significant new partnerships that will extend the range and scale of our services, enabling our customers to offer more to their customers. We are welcoming an even bigger trade finance community to digitisation.”

One of the most significant of these new partnerships was revealed this month (August) when Bolero announced its partnership with global trade finance technology provider TradeIX, to bring Bolero’s eBL and e-document/ePresentation solutions to the Marco Polo blockchain Network.  The partnership between Bolero and the Marco Polo Network will ultimately provide fully-integrated trade settlement processes and allow corporates and banks to increase the capacity and velocity of their trade transactions while facilitating rapid decision-making.

“The Covid-19 crisis has shown the vulnerability of paper-related processes in cross-border trade,” said Raymond. “We expect demand for digitisation to rise rapidly throughout the second half of FY2020 – a trend which Bolero is perfectly placed to meet.”

For more information, please contact:

Joanna Elliott

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

joannae@whiteoaks.co.uk

The post Bolero sees demand rocket for trade digitisation appeared first on Bolero (WiseTech Global Group).

London, 28th May, 2020 – Caixa Geral de Depósitos (CGD), Portugal’s leading bank, and Mibepa, an expanding Portuguese importer of raw materials for the plastics industry, have used Bolero’s trade digitisation platform to accelerate a major shipment of polythene from India.

Bolero’s end-to-end digital presentation enabled the parties to achieve faster completion of the transaction by accelerating document flows despite all difficulties caused by the current coronavirus pandemic, including restrictions on movement of paper trade documents.

The transaction is a double-first for Bolero International, since this was the first time either Portuguese company has used the paperless Bolero trade finance digitisation platform. It also marks Bolero’s entry into the Portuguese financial eco-system as part of its continuing global growth.

As a fully end-to-end electronic presentation (ePresentation) including the Bolero eBL (electronic bill of lading), all parties to this transaction were connected to the Bolero trade digitisation platform. Mibepa was the customer and applicant, with CGD acting as the first-ever Portuguese ePresentation receiving bank. The shipment was conveyed by one of the world’s largest container logistics companies. The letter of credit for the transaction was issued under eUCP and all documents required under this letter of credit, including the bill of lading, were presented electronically using the Bolero trade digitisation platform, supported by the unique Bolero legal rulebook.

Armando Santos, Head of Corporate Banking Marketing at CGD: “The Bolero trade digitisation platform made this first transaction fast and simple, overcoming all the disruption caused by the coronavirus pandemic. We use digital technology that helps our customers achieve significant efficiencies. We are very pleased to become Bolero subscribers and expect more of our customers to embrace Bolero and the benefits of trade document digitisation.”

Paulo Dinis, CEO at Mibepa: “Achieving fast turnaround in this transaction despite the coronavirus was a big advantage for us as an expanding business with international relationships. Bolero’s trade digitisation solution met all our expectations, enabling us to avoid any problems caused by the pandemic. I’m sure this is set to be the first of more such transactions.”

Adam Kasraoui, Bolero: “Great to see a major bank like CGD expand its digital transformation to trade and shipping documentation including the electronic Bill of Lading. We are continually committed to facilitating the adoption of our technology that allows importers and exporters to securely exchange documentation with their trade ecosystem.”

For more information, please contact:

Joanna Elliott

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

joannae@whiteoaks.co.uk

The post Bolero opens up Portugal with first use of its electronic trade digitisation platform by bank and corporate in the country appeared first on Bolero (WiseTech Global Group).

London, 21st May, 2020 – Cargill Australia, a major provider of grain, oilseeds and other agricultural commodities, used the advanced functionality and speed of the new Bolero International Galileo trade finance platform to accelerate a canola oil shipment to China, meeting a tight deadline despite the current coronavirus difficulties.

Transferring two electronic bills of lading (eBLs) on Galileo, Cargill Australia completed the transaction in two days, with ePresentation sent from Australia on 27^th April, and the eBLs surrendered on 30^th April, before the start of the May Day holidays in China on 1^st May.

Loading in Australia took place between 12^th and 15^th April and ePresentation was achieved before the vessel docked at Nantong. The shipment comprised two parcels of canola oil loaded in, respectively, Newcastle and Melbourne, Australia.

“The enhanced speed and operational simplicity of Galileo gave us major advantages when we wanted to hit a tight deadline despite the disruption to normal trade processes caused by the coronavirus pandemic,” said David Werner, Trade Execution Manager, Cargill Australia. “Galileo enabled us to complete this transaction before the Chinese holiday without compromising on security or having to cut corners on efficiency.”

Launched in February this year, Bolero’s new Galileo trade finance platform is designed to future-proof digital trade services for corporates, carriers, banks and other eco-systems. With an enhanced user experience, the new platform delivers greater functionality and seamless integration with banks and other third-party systems, providing end-to-end visibility to corporate clients and banks.

Andrew Raymond, CEO of, Bolero said: “We’re thrilled that Cargill Australia has shown how our new Galileo trade finance platform makes export transactions safer, smarter and faster, no matter how demanding the circumstances. What Cargill Australia achieved would never have been possible with paper bills of lading. The speed and simplicity of digital presentation overcame all the problems generated by the pandemic, with bank branches shut, staff in short supply and social distancing measures in force.

“With Galileo we have the platform to make trade digitisation simpler and easier to deploy, providing banks, corporates and carriers with a new, highly connected, digital eco-system. Paper bills of lading should be consigned to history.”

The Galileo trade finance platform provides corporate and bank users with a new look and feel as well as expanded functionality. Its cutting-edge design provides a more intuitive, more secure, end-to-end user experience. Via a single log-in, users manage all trade services in one place with a consolidated view of all transactions for faster, more informed decisions that optimise cash-flow and working capital.

Galileo provides a single point of access so that users can create, edit and manage letters of credit, electronic presentations and guarantees, as well as open account transactions and electronic bills of lading. Bolero is also introducing value-added services in areas such as compliance and e-certificates of origin. In combination with other market leading solutions, Galileo can provide a one-stop-shop for Bolero clients.

Behind this is a flexible, modular and scalable platform, with the aim to provide interoperability through a new API infrastructure. Galileo integrates with back-office, treasury, ERP, and blockchain-based eco-systems. Available now, it will replace the current Bolero platform and will deliver significant enhancements to Bolero’s existing trade applications and network.

For more information, please contact:

Joanna Elliott

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

joannae@whiteoaks.co.uk

The post Cargill Australia uses new Bolero Galileo trade finance platform to speed up China canola oil transaction despite coronavirus disruption appeared first on Bolero (WiseTech Global Group).