FerrousExchange, an electronic exchange for the global steel industry that offers real-time trading integrated with financial and logistics services, today announced that it has formed a partnership with bolero.net, a cross-industry owned company that is enhancing global trade on the Internet via an Internet-based system that supports document and data exchanges for all parties involved in international trade. Under the terms of the agreement, FerrousExchange will be a preferred provider of access to bolero.net as an Application Service Provider (ASP) for the steel industry.
The partnership will give FerrousExchange users the benefit of bolero.nets services. This includes providing an efficient and secure communication standard that will facilitate cross-border transactions by converting required paper documents involved in the transaction chain (bills of lading, letters of credit, inspection certificates, etc.) to electronic equivalents within a secure, member-only environment. bolero.nets services apply to trade communication and documentation and ensure the authenticity of messages and documents communicated among transacting parties, including financial institutions and logistics providers. FerrousExchange customers who wish to access bolero.nets services will be able to take advantage of electronic documentation and messaging while effecting cross-border transactions on the FerrousExchange site.
Ferit Ferhangil, CEO of FerrousExchange, said, As a result of greatly simplifying and streamlining back-office functions, our customers will be able to complete transactions more efficiently and inexpensively. This partnership also positions FerrousExchange as the first marketplace in the steel industry that offers critical international trade services to its users.