Launched in September 1999, and supported by the world's major banking groups as well as global trading houses and major carriers, bolero.net ushers in a new era of paperless trading using the information highway that is the Internet. bolero.net allows documents and data to be exchanged online between all parties within the trade chain: importers, exporters, shipping organizations and financial institutions.
Trade has traditionally involved the physical creation and movement of documents between various partners. bolero.net, using the Internet backbone, creates numerous potential advantages: replacing paper with electronic communication, reducing error rates, eliminating redundant data entry and accelerating document availability, reducing processing time resulting in positive impacts on inventory and funding requirements, and efficiently reaching counter-parties and service providers. It is bolero.net's objective to provide a system that minimizes the efforts necessary for communication between the sender and receiver.
In announcing the bolero.net accreditation of IMEX and NetIMEX, Surecomp President, Matti Shem-Tov, said "Accreditation not only means that IMEX and NetIMEX conform to the rigorous standards demanded by Bolero, but the âseal of approvalâ given to IMEX and NetIMEX provides assurance of superior trade finance solutions. Surecomp will continue to work with bolero.net in its on-going commitment to providing a complete range of e-trade solutions."
IMEX and bolero.net
Designed for Global, Regional and Local banks with high volumes of Trade Finance activity, IMEX supports Issued and Received Letters of Credit, Standbys, Clean and Documentary Collections, Clean Payments, Guarantees and Reimbursements, as well as handling Syndications and Participations. IMEX is a Thin Client Browser-based system and is available on the Mainframe, UNIX and NT platforms.
bolero.net may be used as a document-messaging platform to and from IMEX. In addition, it is possible to receive and send any of the bank-related BoleroXML messages. These include messages to issue and amend, and presentation of documents under documentary credits.
NetIMEX and bolero.net
Internet-based NetIMEX is designed for use by a Bankâs corporate and commercial customers. NetIMEX allows the user, via a standard browser, to both initiate transactions including Letters of Credit, Standby Letters of Credit, Amendments, Payments and Acceptances, Guarantees, Clean Payments and Export Collections, and to extract a wide range of inquiries and reports. NetIMEX is fully interfaced with IMEX, as well as various other Back Office Trade Finance Systems, and can be operated as a stand-alone system.
Using NetIMEX, the bank customer can send messages with their attached documents to any recipient and receive Bolero messages directly into the NetIMEX inbox with the ability to view the attached documents using the appropriate viewer. In addition, NetIMEX can be used as the bankâs system to exchange Bolero messages, if the Bankâs own trade finance back-end system is not Bolero enabled.