JP Morgan Treasury Services has announced the integration of its secure global trade supply chain solution, TradeDoc, with bolero.net. This integration provides a powerful option for international trade clients to prepare and transmit trade documents electronically in a secure, authenticated manner via bolero.net.
“By using bolero.net for electronic document preparation and presentation, clients can reduce payment cycles significantly, improving their liquidity position and enhancing their bottom line,” explains Bruce Proctor, global head of trade services of JP Morgan Treasury Services. “By offering solutions that facilitate the electronic presentment of documents online, JP Morgan, along with the leading service providers in the banking community, has begun to transform the landscape of global trade.”
This new solution consists of an improved front-end interface for clients, third party document providers and banks, allowing them to prepare, send and receive bolero.net documents and messages via TradeDoc. By integrating bolero.net with TradeDoc, clients can enjoy a streamlined workflow, that includes the automated document preparation features inherent to TradeDoc. Clients can view documents prepared in TradeDoc and inquire on the status of such transactions through JP Morgan’s proprietary, real-time internet inquiry system – JP Morgan Trade Information Exchange (TIESM). By adding this front-end capability to bolero.net, JP Morgan becomes the first financial institution in the industry to offer bolero.net connectivity through its own product. The front-end interface is fully supported by an automated Office of Foreign Assets Control (OFAC) checking engine, to comply with US regulatory requirements.
Benefits of the integration of TradeDoc and bolero.net include:
- First-of-its-kind, front-end access into bolero.net through a bank’s own product solution.
- A single platform to prepare documents for both paper and electronic submission for clients.
- Front-end interface to conduct all types of bolero.net transactions, including the handling of bills of lading recorded with the Title Registry.
- Provide access to timely and accurate online management information services (MIS) information, including document images and status of all transactions conducted via TradeDoc through TIE.
- An innovative solution allowing clients to connect with their trading partners in a secure, virtual community through electronic documents.
- Access to bolero.net, the only system available that is fully compliant with the Supplement to the Uniform Customs and Practice for Documentary Credits for Electronic Presentation (eUCP).
- Allows automated OFAC checking, not currently offered with any other bolero.net front-end solution.
- Improved front-end access to bolero.net, which handles manual document preparation, so clients do not have to rely on a third-party software partner solution.
The bolero.net connectivity through TradeDoc is further being enhanced to provide boleroSURF connectivity to JP Morgan customers. The goal of the extension is to provide a single platform allowing clients to access all types of bolero.net transactions. boleroSURF is an internet-based mechanism that helps assure that both parties to a cross-border trade transaction have fulfilled their contractual obligations, allowing payment to take place and goods to be delivered.