Four additional technology companies have joined the bolero.net partner programme, bringing the total to 14. The new programme members, all of whom are developing interfaces allowing connectivity to the Bolero trade finance network, are China Systems, Surecomp, Tradepaq and Allagraf.
Created by the interbank Swift network in association with the Through Transport Club, bolero.net is seeking to provide a legally "certain" system that allows all parties in the trade chain to exchange trade documents and data electronically.
According to commercial director Peter Scott, "Instead of creating a 'one size fits all' application, bolero.net has opened up a completely new market for technology companies to offer customers around the world competing products that meet their trade needs. We estimate that this market could be worth around US$5.4 billion over the next few years."
China Systems' "CS Bolero" is a browser-based trade finance package offering efficient document management plus connectivity to the Bolero network. Brian Edmondson, China Systems EVP of product development says: "Interest in our customer banks is high so the demand is there."
Allagraf Limited is a joint venture between security solutions firm ID Certify and London consultancy Marinade Limited. Allagraf is currently developing a bolero.net interface called Quaynotes, initially aimed at shipping departments and freight forwarders. Quaynotes will consist of a Document Management System integrated with a Bolero Connectivity module and is designed to operate the way shipping departments operate today.
Surecomp's link to bolero.net will encompass both its existing NetIMEX and IMEX products. Using NetIMEX, the customer will be able to transfer export documentation to the Bank. The IMEX user will be able to receive the incoming correspondence, remove customer instructions, add the bank's own instructions and forward the package to the next party in the chain via bolero.net.
Tradepaq will also provide an integrated solution consisting of its tradepaq.confirm (trade document generation applications) and tradepaq.finance (trade finance execution applications) along with bolero.net's e-business trade infrastructure. Using the system, exchanges, enterprises, banks, and third party logistics (3PL) providers will be able to generate and send electronic trade documents and execute trade finance transactions through bolero.net's core messaging platform.