JPMorgan Treasury Services has integrated its supply chain application TradeDoc with the international trade logistics platform bolero.net. The initiative comes as new Bolero CEO Arthur Vonchek (pictured) reinforces the company's commitment to working with banks and Swift to accelerate trade processes.
TradeDoc is a front-end interface for clients, third-party document providers and banks that now features direct connectivity for the preparation and transmission of bolero.net documents and messages.
By integrating with bolero.net, JPMorgan says its 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 JPMorgan's proprietary, real-time Internet inquiry system – JPMorgan Trade Information Exchange (TIE).
JPMorgan claims it is the first financial institution to offer bolero.net connectivity through its own proprietary front-end. The bank says TradeDoc will be further enhanced by the future provision of boleroSurf connectivity. BoleroSurf is an Internet-based mechanism that helps assure that both parties to a cross-border trade have fulfilled their contractual obligations.
The initiative has been welcomed by Bolero chief Voncheck. "JPMorgan has shown leadership in the high level of integration of Bolero's engine into its broad trade platform," he says. "But other large trade banks are also making use of Bolero in different ways that are specific to their strategies. HSBC, for example, is working with a few of its largest customers to use Bolero to automate and optimise as many trade documentation processes as possible."
The online trade finance platform is seeking to build closer ties with the banking community after a number of fallow years. As part of this commitment it is working with Swift to build a trade service utility to help automate and standardise common processes between banks.
Vonchek says the aim of the initiative is to improve processes that are shared across the industry by standardising on a common platform. Meanwhile, bolero.net can also continue to be used by banks in a competitive way as they look to improve the services they offer their clients.