Electronic steel market, FerrousExchange Inc, has formed a partnership with bank-backed trade finance operator bolero.net, to offer secure cross-border transactions to exchange members.
Under the terms of the agreement, FerrousExchange will be a preferred provider of access to bolero.net, as an Application Service Provider (ASP) for the steel industry.
A global initiative to move trade onto the Internet, bolero.net aims to provide an efficient and secure communication standard that will facilitate cross-border transactions by converting required paper documents involved in the transaction chain (bills of lading, letters of credit, inspection certificates, etc) to electronic equivalents within a secure, member-only environment.
Ferit Ferhangil, CEO of FerrousExchange, says the partnership will "streamline the transaction process, providing customers with quicker fulfillment of orders, reduced errors, quicker receipt of payments and reduced transaction costs". He also comments that the agreement "positions FerrousExchange as the first marketplace in the steel industry that offers critical international trade services to its users".