23 February 2018
visit www.ebaday.com

R3 and Bolero to partner on a new electronic Bill of Lading (eBL) service

09 October 2017  |  4658 views  |  0 Source: R3

R3, the enterprise software firm, is to partner with Bolero, the premier world trade finance digitisation solution-provider, to develop a new eBL service that opens up seamless connectivity across multiple trade networks.

The two companies have agreed a Memorandum of Understanding for collaboration on the joint project which will deliver a new, easy way of connecting supply chain participants, simplifying and further digitising world trade.

Bolero will extend the reach of its eBL Title Registry across the supply chain by developing an oracle on Corda, which will enable carriers to connect with corporates and other supply chain participants. Relevant parties will be able to endorse and verify an eBL’s title without needing to revert to paper.

David E. Rutter, CEO of R3, comments: “Like so many of the processes and systems banks are forced to use today, the infrastructure that supports trade financing is extremely outdated and prone to risk and error. The work we have been doing with our members over the last year has shown that this challenge no longer needs to stand in the way of giving businesses access to the services they need to trade across borders. The application we have built is the first of its kind and we look forward to rolling it out to our Corda users across the world.”

The partnership between R3 and Bolero is an important advance in the digitisation of world trade at a time when corporates require solutions giving them the power to respond rapidly to new opportunities and challenges. The new eBL Service will help overcome many of the historical challenges in onboarding supply chain participants, including corporates, banks, ports, carriers, insurers and chambers of commerce. Participants across the supply chain will benefit from Bolero’s eBL solution, slashing from days to hours the time it takes to complete presentation, financing and payment, boosting working capital, efficiency and productivity for all parties.

Ian Kerr, CEO, Bolero, said: “We are excited to be embarking on this important partnership with a renowned innovator such as R3. At Bolero our focus is always on making transactions safer, smarter and faster for everyone in the supply chain. This partnership with R3 is a significant advance in spreading the benefits of digitisation to all counterparties in world trade. We look forward to working very closely with R3 to remove barriers that have been preventing companies from enjoying all the proven gains in speed, security and productivity.”

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comRegister for the webinarVisit http://info.nice.com

Top topics

Most viewed Most shared
Ripple makes new connections to emerging marketsRipple makes new connections to emerging m...
11109 views comments | 14 tweets | 10 linkedin
hands typing furiouslySome Interesting Applications Of The Inter...
10137 views 3 | 9 tweets | 1 linkedin
Basel Committee outlines disruptive fintech scenariosBasel Committee outlines disruptive fintec...
7997 views comments | 15 tweets | 26 linkedin
Investment Association sets up fintech accelerator for asset managersInvestment Association sets up fintech acc...
7640 views comments | 19 tweets | 10 linkedin
R3 creates Legal Centre of Excellence for blockchain technolgyR3 creates Legal Centre of Excellence for...
7410 views comments | 10 tweets | 14 linkedin

Featured job

Competitive base + commission + benefits
UK or Germany

Find your next job