Internet-based trade finance platform Bolero has launched a new documentary settlement system, BoleroSurf, designed to provide document compliance services with optional bank guarantees.
The Surf system can automatically check all commonly used trade documents - such as commercial invoices, bills of lading and certificates of weight and analysis - and supports a full range of settlement options. Once a buyer and seller agree on the contractual terms, the necessary documentation is lodged with the Surf mechanism. Every stage of the transaction is then verified and validated.
Bolero says the new product can cut down the time taken to process a typical trade from several weeks to less than a day by automatically picking up on discrepancies and errors in trade documentation. The system also allows importers and exporters to reconcile order against delivery data improving inventory management and managing orders against settlements for cash optimisation.
Bolero has packaged up a white label solution for banks to offer online credit and risk products to their customers.