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Bolero joins Marco Polo Network to advance digital trade settlement

Wednesday 5 August 2020 14:02 CET | News

Trade Digitisation provider Bolero has joined the Marco Polo, to bring Bolero’s e-Bill of Lading (BL), including e-documents and e-presentation solutions, to the trade finance network. 

Earlier in 2020, Bolero International has successfully launched its new Galileo platform to future-proof digital trade finance services for banks, corporates, carriers, and other trade ecosystems. Powered by a single intelligent platform, Galileo delivers greater functionality and integration with third-party systems, providing end-to-end visibility to corporate clients and banks. Making the Bolero solutions available on Marco Polo will expand the matching options for the network’s Payment Commitment solutions and will be customisable and available to any participant, according to the official press release.

Until recently, processing trade finance transactions such as letters of credits were mainly paper-based, manual, and time-consuming. But since underlying trade flows were also slow, transactions were not impairing intermodal flows in a substantial manner. With digitalisation and by leveraging blockchain technology, the velocity of financial and informational flows are better synchronized with the velocity of the physical transactions. The partnership between Bolero and the Marco Polo Network will provide an integrated trade settlement process allowing corporates and banks to increase the capacity and velocity of their trade transactions. 

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Keywords: Bolero, Marco Polo Network, digital trade settlement, e-bill of lading, BL, e-documents, e-presentation, trade finance network, Galileo, digital trade finance, banks, corporates, trade ecosystem, trade finance transactions
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: World
This article is part of category

Banking & Fintech