Online financial services platform provider LCconnect has formed a partnership with bolero.net to deliver letters of credit over the Internet.
The New York-based company is joining forces with the Society for Worldwide Interbank Telecommunication (SWIFT) and the Through Transport (TT) Club. These organisations represent the world's financial and logistics organisations and formed bolero.net in September 1999.
The partners will develop an interface between the LCconnect platform and the Bolero System. Customers will then transmit transactional details through the bolero.net secure messaging system directly to a bank to issue or confirm a letter of credit.
The Bolero System provides secure electronic transmission of business data and documents throughout the trade chain - from front-end order processing and management to back-end trade document exchange.
More than 50 leading corporations have signed up for the system. These include eight out of ten of the world's top banks, five out of ten of the world's top container shipping lines plus several international trading houses.