(NEWSdesk) -- bolero.net has announced that four additional technology companies have joined the bolero.net partner program, bringing the total to 14. The new partner members, all of whom are developing interfaces allowing connectivity to the Bolero System, are China Systems, Surecomp, Tradepaq and Allagraf.
According to the UN, 7 percent of the value of world trade is wasted on paper- based administrative costs. Created by the world's logistics and financial services industries, bolero.net seeks to plug this $420 billion hole by providing a neutral system that allows all parties in the trade chain to exchange trade documents and data electronically.
According to commercial director Peter Scott, "Instead of creating a 'one size fits all' application, bolero.net has opened up a completely new market for technology companies to offer customers around the world competing products that meet their trade needs. We estimate that this market could be worth around (US) $5.4 billion over the next few years."
Established in 1983, China Systems is a trade finance vendor with 275 customer banks in 75 countries. CS Bolero is browser-based technology combined with document management capabilities. Brian Edmondson, China Systems executive vice president of product development said, "International Trade needs the considerable cost savings, and the increased security bolero.net offers. Interest in our customer banks is high so the demand is there."
Allagraf Limited is a joint venture between the ID CertifyTM, Inc., a global company providing digital signature-based e-commerce solutions, and Marinade Limited, a leading London based consulting firm.
Allagraf is currently developing a bolero.net interface called Quaynotes, initially aimed at shipping departments and freight forwarders. Quaynotes will consist of a Document Management System integrated with a Bolero Connectivity module and is designed to operate the way shipping departments operate today.
Surecomp, is an international Canadian-based company who provides software solutions and services for the wholesale banking community. With a global network of offices on all major continents, Surecomp delivers large-scale solutions to its international clientele.
Surecomp's link to bolero.net will encompass both its existing NetIMEX and IMEX products. Using NetIMEX, the customer will be able to transfer export documentation to the Bank. The IMEX user will be able to receive the incoming correspondence, remove customer instructions, add the Bank's own instructions and forward the package to the next party in the chain via bolero.net.
"The integration of bolero.net into the IMEX system is a natural evolution for IMEX and will be provided as a component in the global business exchanges between the IMEX user bank's operations and other trade service providers"; commented Avri Kuchnir, Surecomp's director of e-commerce Solutions.
TRADEPAQ is a provider of the e-business infrastructure required for global commerce. TRADEPAQ will provide an integrated solution consisting of its TRADEPAQ.confirm (trade document generation applications) and TRADEPAQ.finance (trade finance execution applications) along with bolero.net's e-business trade infrastructure. Trading exchanges, enterprises, banks, and third party logistics (3PL) providers will be able to generate and send secure electronic trade documents and execute trade finance transactions through bolero.net's core messaging platform.
The combination of TRADEPAQ and bolero.net brings a total e-business trade document solution to a reality," said Warren Fisher, chief operating officer of TRADEPAQ. "Buyers and sellers meet at a trading exchange, agree to a price for a transaction, and then ask 'Now what?' Without the tools to complete the transaction, the exchange is no more than a dot com dating service. This partnership enables TRADEPAQ to deliver the fulfillment infrastructure so users can get answers to the 'now what' question. This combined solution provides users with the security and complete document generation functionality to succeed in a global e-business trade environment."