Tradelink has teamed with Core Systems and bolero.net to launch the Tradelink Otto Bolero Interface (Tobi), a tailored online trading and documentation service for Otto Group partners in Hong Kong.
TOBI is designed to streamline the entire trade cycle by facilitating electronic business transactions between all parties. Otto Group says processes that once took up to three weeks now can be completed in as little as three days.
Based on Core's iDEX eTransaction platform, the system utilises Tradelink's Trader Documentation Service (TDS), allowing firms to prepare and send trade documentation online. For cross-border settlement, Tobi uses bolero.net, which provides a standardised technical and legal infrastructure to allow multiple parties to exchange data and documents. Bolero.net can also deliver online reconciliation of trade data.
Jens Podewski, division manager trade finance, Otto, says global trade transactions are on the rise and the group aims to eliminate paper documents throughout the supply chain.
"We needed a framework to provide secure paperless trade flow from the production facility all the way to the end users. TOBI does just that and helps save us time and costs on each transaction, " adds Podewski.
The interface has been designed in collaboration with Otto Group's banking and logistics partners including HSBC, Hang Seng Bank and Commerzbank.