Bolero Joins Blockchain Trade Finance Platform Marco Polo
Bolero is joining Marco Polo to combine the Bolero e-Bill of Lading solution to the blockchain trade finance platform’s offering. Moreover, Bolero is an associate of letter of credit blockchain Contour. Leading Trade Digitisation provider Bolero International has entered the Marco Polo (network), to bring Bolero’s e-Bill of Lading (BL) including e-documents and e-presentation solutions to the trade finance network.
This year, Bolero International has famously started its new Galileo platform to future-proof digital trade finance services for banks, carriers, corporations, and other trade eco-systems. With an improved user experience powered by a single intelligent platform, Galileo gives more comprehensive functionality and seamless combination with third-party systems, offering end-to-end visibility to corporate clients and banks.
Making the Bolero solutions accessible on Marco Polo will extend the matching options for the network’s Payment Commitment solutions and will be completely customizable and accessible to any participant.
Processing trade finance transactions like letters of credits were essentially paper-based, manual, and time-consuming. But since underlying trade flows were also slow, operations did not impair intermodal flows substantially. With digitalization and by leveraging blockchain technology, the speed of financial and informational flows is better synchronized with the physical transactions’ velocity.
The association between Bolero and the Marco Polo Network will eventually offer a fully integrated trade settlement process allowing corporates and banks to improve the capacity and velocity of their trade transactions while promoting rapid decision-making.
Any trade transaction consists of three layers, consisting of physical, financial, and information flows. Until now, these layers have been working independently in multiple, different, and siloed data systems. On the journey to digitizing Trade Finance, the Bolero and the Marco Polo solutions work in parallel.
The member banks of the Marco Polo Network are excited further to digitize their trade offerings to their corporate clients. It will increase transparency and visibility, further reduce risk, and create new trigger points to finance trade and improve working capital. The Marco Polo Network is an open network for members, allies, and third-party service providers. The collaboration with Bolero is one significant step on the long journey to digitize trade fully.