Bolero creates new app

Tech-firm Bolero is preparing to launch its newest offering in standardising global trade practices with its Presentation Dashboard.

The new application, which Bolero claims is unique, is designed to significantly speed up processing times and communications between corporates and banks.

The dashboard contains some crucial features which are designed to improve the trade finance process, such as real-time visibility of the process between institutions, instantaneous sending and receiving of documents and an emphasis on the legally-binding qualities of the electronic documents.

Arthur Vonchek, chief executive officer at Bolero, explains to GTR what the presentation dashboard offers to both banks and corporates: “It is a significant additional module that provides fully electronic presentational capability.

“With the presentation dashboard, corporates can bring all of the documents they need for a letter of credit and wrap them up electronically in a Bolero envelope and send them over to the banks. Banks can then check for discrepancies quickly and immediately contact the corporate if necessary.

“Importantly, Bolero makes sure that all documents are legally binding, meaning that banks will eventually accept electronic documents in place of waiting to receive the physical documentation.”

The legality of the electronic documents will come as a relief to some exporters, particularly if it does become a widely accepted practice. “We had a report when we were first looking into developing the presentation dashboard in Asia where an exporter told us that just the physical processing of documents took a minimum of nine days,” Arthur Vonchek says. “With electronic processes, it’s immediate.”
 
More banks and corporates are taking up Bolero platforms, which is essential in ensuring standardisation of technology platforms between institutions.

“In the last five to 10 years there’s been an increasing awareness of the attractiveness of using standardised technology and the reality is that this can only be delivered on a unique technology like Bolero’s,” Vonchek adds.

The application will be rolled out fully at the end of September, with Bolero providing updates and improvements as they are developed.