Internet-Based World Trade System Goes Live

The Internet-based world trade system called
bolero.net went live Monday,
after extensive trials during spring and summer this year.

The
new system enables all parties in the trade chain to exchange
documents and data, obtaining substantial cost-savings and
improved efficiency as a result.


bolero.net is a joint venture between international banking
co-operative S.W.I.F.T and the TT Club, a body that represents
the world’s port authorities and logistics operators. Between
them, the two organisations have 12,500 members who in turn
deal with nearly every company that conducts cross-border trade.


“There has been an awful lot of talk about e-commerce, but
mainly in a retail or consumer sense,” said Peter Scott,
commercial director of bolero.net.


“Business to business e-commerce, has been held back by the
need for a secure environment, universally accepted standards,
legal certainty and a neutral, trusted third-party that
guarantees the whole process. bolero.net is the first organisation
to address all of these requirements.”


One of the key aspects of the bolero.net system is its
legal dimension. To prepare for it, the partners conducted
the largest ever study into e-commerce in 18 countries,
and went on to produce the Bolero Rule Book which sets out
the rules that will ensure disputes can be resolved.


“Most international agreements take the use of paper as
given. Until now, sending electrons down a wire has not involved
the exchanging of contractual obligations – bolero.net will
change this,” noted Peter Scott.


To use bolero.net, a company needs first to visit the site and
download the application forms.


Charges can be as low as $2,000, but there is a complex
pricing system with four distinct categories – basic, corporate,
enterprise and premier, to meet the needs of all users according
to company size and the volume of trade conducted.


It is expected that bolero.net will enable companies worldwide
to make dramatic savings in their trading costs. One business
alone (the Norwegian state oil company) has already said it
will save $3 million a year as a result of being “bolero-connected.”

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