Cloud-based trade finance company Bolero International has announced a collaboration with TradeLens, the blockchain-based trade platform, with the goal of integrating TradeLens’ electronic bills of lading into trade finance transactions.
Bolero’s trade finance digitisation platform, Galileo, connects corporate clients with their trade partners and banks and allows them to manage all their Letters of Credit, Guarantees, Standby LCs, ePresentations under LCs, Open Account and Documentary Collections, and electronic bills of lading (eBLs) in one central system.
The TradeLens eBL is used to simplify the issuance, transfer, and surrender of original shipping documents to support the digitisation and automation of supply chain processes. In this collaboration, TradeLens eBL will be integrated into Galileo, connecting the two platforms’ respective networks of banks, corporates, and supply chain participants.
“We developed TradeLens as an open and neutral industry platform. Our open APIs and simplified onboarding allow corporates and banks to use our digital services, including the TradeLens eBL, when and where they need it,” said Michael White, CEO of GTD Solution and the TradeLens platform.
“The Integration with Bolero will help increase trade velocity across our business networks and accelerate the industry-wide move toward paperless trade finance transactions.”