JPMorgan Treasury Services has become the first financial institution to adopt the boleroSurf product and the new bolero.net 'Connect the Community' scheme, designed to offer more flexible pricing to clients who participate in the online trade finance network.
BoleroSurf is an Internet-based mechanism that ensures both parties to a cross border trade transaction have fulfilled their contractual obligations, allowing payment to take place and goods to be delivered. A number of leading banks, including JPMorgan, have worked with bolero.net to develop the package.
Financial institutions subscribing to the 'Connect the Community' scheme may connect their corporate and banking clients to the trade finance network without them incurring the cost of becoming full bolero.net members.
Paul Simpson, global trade business executive for JPMorgan Treasury Services, says: "The decision to adopt this new functionality was a simple one because it reduces costs, accelerates payments and makes international trade easier to execute for our clients, while building on our experiences with our existing live bolero trading chain."