Bolero, the world's leading provider of secure financial supply chain solutions, has extended its network of strategic international trade partnerships by signing an agreement with the Beijing-based China International Electronic Commerce Centre (CIECC).
Under the agreement, CIECC will provide its expanding community of Chinese exporters with access to Bolero's standards-based multi-bank BoleroAdvise trade finance portal.
Working with CIECC, exporters will be able to receive all their documentary credit advices on the same platform and in the same format – regardless of the identity of their advising bank. The announcement follows Bolero's recent joint initiative in Hong Kong with the Tradelink exporter community to drive the take-up of automated trade finance solutions in the region.
"BoleroAdvise can bring real, immediate benefits to the Chinese exporter community we represent – particularly when it comes to presenting Letter of Credit advices to exporters, where Bolero's improved accuracy can significantly reduce the chance of rejection due to inaccuracies," commented Wang Jian Guo, CIECC's Standing General Director. "By concentrating on delivering very practical advantages – such as removing the need for the re-keying of data – we can help our exporters to reduce their critical order-to-cash cycle, and also help them to process Letter of Credits from multiple banks using the same standards-based Bolero technology."
"Through the CIECC the Chinese Government has made a clear commitment to the adoption of standards within international trade that will help its exporters play an increasingly active role in the global economy," commented Claire Buchanan, Bolero's SVP. "The implementation of next generation trade services such as the Bolero Platform will further deepen China's international integration and generate benefits for most partner countries. It is now a major exporter to the world and therefore an integral player in international trade."
"As a subsidiary of the Ministry of Commerce of the People's Republic of China, CIECC has a clear mission to enhance trade efficiency, simplify trade procedures and reduce the cost of international trade for exporters. With our BoleroAdvise solution we can directly support CIECC's goals," added Claire Buchanan. "Under the new partnership Chinese exporters will have much quicker and simpler access to electronic trade documents, helping to increase efficiency and remove unnecessary re-keying that can result in needless and costly mistakes in the Letter of Credit process."
BoleroAdvise provides exporters with an accessible and easy-to-install multi-banking service that allows them to receive all their documentary credit advices on the same platform, in the same format, regardless of the identity of the advising bank. BoleroAdvise provides a clear audit trail, with information presented for all in a standard and user-friendly format. It allows CIECC's export community to view, print and download Letter of Credit Advices for downstream processing. The reduced error rate, a direct result of getting rid of the need for re-keying, enhances the speed, efficiency, accuracy and reduces the cost of the Letter of Credit process.