20 February 2002 - London - JPMorgan Treasury Services, a unit of JPMorgan Chase (NYSE: JPM) and a leader in global payment, trade finance and treasury services management, today became the first financial institution to adopt the boleroSURF product and the new bolero.net 'Connect the Community' package. Corporate and financial institution clients of JPMorgan Treasury Services will benefit from the added capabilities that will now be available to them.
Clients will now be able to streamline operating costs and reduce risks through features such as: automated trade document checking and discrepancy handling; integration of existing back office systems for straight-through processing and accelerated settlements for all trade products, including open account; and access to a totally electronic trading chain at minimal cost.
These initiatives will fundamentally change how future trade business can be transacted and allow JPMorgan to offer more favorable pricing schemes to clients to expand the bolero.net community. boleroSURF and 'Connect the Community' are the latest offerings from bolero.net, a company dedicated to facilitating electronic transfers of documentation and ownership in international trade transactions. boleroSURF is an internet-based mechanism that ensures both parties to a cross border trade transaction have fulfilled their contractual obligations, allowing payment to take place and goods to be delivered. A number of leading banks, including JPMorgan, have worked with bolero.net to develop the boleroSURF product. JPMorgan will begin to customize and integrate the product to offer it to its clients.
The 'Connect the Community' package allows financial institutions to enable their corporate and financial institution clients to conduct bolero.net business without the cost of becoming full bolero.net members. This new pricing development allows a more rapid expansion of bolero.net services across import and export transaction chains and will accelerate the delivery of bolero.net value to clients.
"With boleroSURF, JPMorgan is investing in the future," said Paul Simpson, Global Trade Business Executive for JPMorgan Treasury Services.
"The decision to adopt this new functionality was a simple one because it reduces costs, accelerates payments and makes international trade easier to execute for our clients, while building on our experiences with our existing live bolero trading chain. This new offering is part of our commitment to exceed customer expectations."
"JPMorgan Treasury Services has edged out in front of its competitors in their agreement to this deal," commented Peter Scott, bolero.net's Commercial Director. "The boleroSURF announcement demonstrates JPMorgan's commitment to build and offer highly attractive service propositions that add real value to its clients' businesses. At the same time, the decision to buy into a bolero.net 'Connect the Community' scheme means that its clients will now be fast-tracked when it comes to gaining access to these benefits."