Swiss logistics group, Kuehne & Nagel, has signed up to the Bolero Internet-based trade finance platform.
Kuehne & Nagel will initially work with mail order group Otto Versand and German customs on introducing bolero.net into shipments of clothes from Asia to Germany.
The Kuehne & Nagel group has a network of company-owned bases in 90 countries and uses all modes of transport.
Thomas Engel, chief information officer of Kuehne & Nagel International AG, says: "bolero.net allows us to integrate with Otto Versand's supply chain parties, speed the trading process and reduce errors all of which should translate into better customer service and cost savings".
According to the UN Centre for Trade Facilitation and Electronic Business, the cost of administration involved in international trade transactions amounts to $3 trillion a year. The UN estimates that these costs could be cut by 60% if businesses adopt more efficient ways of processing trade transactions.