Bolero.net, a new Internet based world trade system, went live today aimed at making worldwide trade cheaper and easier by reducing the need for paper based trading.
It is the result of a joint venture between the international logistics and financial communities and is jointly owned by Swift, the international banking co-operative and the TT Club, which represents the world's port authorities and logistics operators.
Bolero.net commercial director Peter Scott said: "Bolero.net is a highly secure core messaging platform providing services such as encryption and non repudiation. Swift acts as the certification body for the keys under contract to us."
Parties in the trade chain can electronically transmit all documents and data saving on paper based trade costs - estimated at $420 billion annually by the World Trade Organisation.
Dataquest analyst Cathy Tornbolm said: "They've tried to launch this for a number of years. It's an excellent concept. It adds value to the supply chain as there is so much paper involved in shipping goods. It can be a nightmare linking the paperwork together."
Bolero.net's Scott said: "At the simplest level, money is saved on couriers, faxes and phone but it also prevents errors and fraud associated with a paper based system."
Bolero.net users presently have access to over 30 of the most widely used trade documents in HTML form.
"We will be moving towards an XML environment," said Scott.
Some 120 international companies trialled Bolero.net earlier this year.
Today Cargill, an international trader in bulk commodities, which was part of the trial, became the first company to apply to become a Bolero.net founder user. Bolero.net's annual charge starts from $2,000.
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