Tate & Lyle has signed up to the electronic trade finance platform bolero.net.
Created by the world's banking and logistics communities, bolero.net aims to move the exchange of paper-based trade finance and payment documentation onto the Internet.
According to Michael Broom from Tate & Lyle global trading: "Using online technology to achieve service improvements is a key objective...We expect to gain experience with bolero.net and depending on results identify other potential opportunities within the group.
The bolero.net trading community currently includes large corporations such as Otto Versand, Hitachi and Samsung, seven of the world's top ten banks (including BNP Paribas, Citibank, Deutsche Bank and HSBC), and five top ten carriers (including Evergreen, Cosco and P&O Nedlloyd).