Bolero, TradeLens to fast-track electronic bills of lading
TradeLens eBL will be integrated into Bolero's trade finance digitisation platform Galileo
Bolero International, a provider of cloud-based trade finance digitisation solutions, and TradeLens, the blockchain-based global trade platform for containerised goods, will provide a seamless digital experience for customers using electronic bills of lading (eBL) in trade finance transactions.
Galileo, Bolero's trade finance digitisation platform, securely connects corporate clients with trade partners and banks and allows corporates to manage all their Letters of Credit (LCs), guarantees, standby LCs, ePresentations under LCs, open account and documentary collections, and electronic bills of lading in one central solution.
The TradeLens eBL simplifies issuance, transfer, and surrender of original shipping documents allowing for the digitisation and automation of supply chain and financial processes. It is an eBL solution accepted by the industry, including ocean carriers, banks, and regulators.
Under the current deal, TradeLens eBL will be integrated into Galileo, connecting the two platforms' respective and growing networks of banks, corporates, and supply chain participants. This will provide a streamlined and seamless experience for users of Galileo who wish to leverage TradeLens eBL's carrier network.
"Bolero has the vision to connect the physical and financial flows to digitise trade finance," says Andrew Raymond, CEO, Bolero. "For this to happen, we need to be able to provide a common view of the data and documentation that is shared between all parties in the supply-chain process. Our investments in the Galileo platform make this possible.
"Our strategy with Tradelens is to provide access to the TradeLens eBL from within the Bolero Galileo application. This will leverage the Bolero bank network to more easily connect corporates and banks involved in financing goods in transit. Our goal is to become an aggregator of various electronic documents in trade to provide a single point of access to our clients and give both banks and corporates the ability to easily access and exchange these documents as part of their Trade transaction flows."
Michael White, CEO, GTD Solution and the TradeLens platform, added: "The integration with Bolero will help increase trade velocity across our business networks and accelerate the industry-wide move toward paperless trade finance transactions."