The agreement between XRT and bolero.net allows the use of the bolero.net platform as a trusted third party for documentary credit exchanges using XRT solutions. Following a bolero.net certification phase, XRT solutions will now carry the label "Bolero Enabled."
Created in 1998, under the stewardship of SWIFT (Society for Worldwide Interbank Financial Telecommunications) and TT Club (Through Transport Club), bolero.net offers, the dematerialization of all international commerce exchanges. The bolero.net system is built on an administrative and technological infrastructure which facilitates trade between international enterprises (importers, exporters, banks, transporters, assurers, customs, forwarding agents, etc.). The bolero.net system is operated under contract by the SWIFT organisation.
To this partnership, XRT brings their expertise in secure internet banking communication and the cryptography of documentary credit exchanges. For its part, bolero.net brings access to a unique global trade platform which has already won the involvement of most of the world's largest trade banks and many multinational companies from around the world including : Samsung Electronics, Hitachi, Japan Tobacco, Nippon Steel Corporation, Rio (Tinto) and BHP. PSA Peugeot Citroen, Samsung Electronics, Hitachi, Japan Tobacco, Nippon Steel Corporation, Rio (Tinto) and BHP.
"What we can now offer to our clients profoundly changes the documentary credit cycle. In this way with the new dematerialised process, the delay from beginning to end is considerably reduced because we now go from 25 days to 24 hours" says JosÃ© Teixeira, Senior Product Manager XRT. "Documentary credit has been used for a long time in commercial exchanges, this example spotlights the fact that, in optimizing the Financial Value Chain notably via dematerialization, partners can improve their competitiveness while retaining a significant Return on Investment."
"We have constructed with XRT an efficient partnership which allows us to target the banking market. We are delighted at the outcome of the accreditation process. Now, with almost 15 partners, our international network widens considerably". says Sam Brown, Partner Program Director, bolero.net.
XRT's e-banking and financial e-business solutions become for the professional a guaranteed electronic channel for documentary credit. XRT Pilot 5 Server full web transactional service allows management and tracing of the documentary credit from the opening request until its closure, via Bolero's platform.
During the import process, the user can enter his opening request and documentary credit amendment and send them to his bank, receive confirmations of the opening and the amendment from his bank, receive the requested documentary credit documents (bill, insurance certificate, certificate of compliance) emitted by each of the contract participants (exporters, transporters).
For documentary credit export, the user receives opening and amendment notifications for which he is the beneficiary, in order to optimize production and stock management.