Head of Westpac’s Global Transaction Services, Mr Simon Narroway, said the move was further evidence of the banks leading edge approach to streamline, standardise and simplify the buy-sell process in trade e-commerce for a broad set of clients.
Westpac has been at the forefront of electronic delivery of trade transactions in Australia since 1999 when we launched ImpEx, an international online trade banking system, said Mr Narroway. This was the first secure Internet-based trade banking solution to be provided to Australian importers and exporters.
Created by the world’s banking and logistics communities, bolero.net allows anyone engaged in cross-border trade to exchange business data and documents over the Internet.
Westpac joins a list of the world’s largest corporations, banks, logistics companies and business-to-business exchanges using the system.
Bolero provides secure electronic transmission of business data and documents along the entire trade chain, from front end order processing and management, to back-end trade document exchange.
In effect it ‘does away’ with paper documents such as bills of lading, customs forms, letters of credit and insurance certificates.
According to the United Nations, seven per cent or $420bn of the $6,000bn value of international trade is spent each year on the cost of administering paper-based systems.
