Bolero launches document validator tool http://www.bolero.net Bolero, the system for transmission of secure electronic documents for trade and transport, has launched SURF, a tool for Bolero was originally launched in September 27, 1999, founded by TT Club, insures of box containers, container terminals and container handling equipment, and SWIFT, the organisation which handles money transfer between banks. It is a wealthy organsation, raising a further $30m of capital on September 1999, quickly after start-up, with financing from private equity investment group APAX Partners. This was followed in December 2000 by an investment of USD $15 million from Baring Asia Private Equity Fund II, a leading technology investor in Asia, and USD $5 million from Palio Portfolio Ltd which completed the USD $50 million 1st institutional round funding in the company. Operating with just one small office in central London, the money hasn't run out yet. 50 per cent of members of Bolero are from shippers; it has many major world banks signed up to the system. The ambition behind SURF is to help the payment process for goods, ensuring that there are no mistakes in the documentation which can slow down people paying. There are two elements to it: one to check all the documents and link them all together, and the other to make the transaction actually happen, through a legally binding set of rules. Bolero acts as a "trusted third party" in the transaction, ensuring that all the documentation is correct and that nobody is receiving goods and not paying for them, or paying for goods that haven't been received. All the forms are translated into XML language: SURF can look into the code and check it. Bolero is working closely with the International Chamber of Commerce in developinmg this system. Peter Guldentops, head of standards at Bolero (previously head of standards at SWIFT) is sponsored by the ICC the board of the EDIFACT organisation (Electronic Data Interchange For Administration Commerce And Transport), a United Nations sponsored organisation which develops electronic communciations standards for international trade. The buyer or seller makes a proposal through SURF Containers informatio nabout both parties Seller can accept accept / reject / make counter proposal SURF will go to bank and request a payment undertaking Seller must provide all the necessary documents Freight forwarders can do all this SURF is the holder of the bill of laidng in the interim stage Defects can be fixed before they cause trouble Gives a high degree of transaction visibility to all parties involved Transfer of funds is made through the banks Detailed compliance checking Payment terms Checks all of the discrepancies Shiping: the carrier organisation are providing services to importers and exporters, in moving the goods and dealing with the documents This is a way carriers can offer more competitive products SURF is highly flexible It will match and trigger payment This is infrastructrure the chartering industry could use We looked at ways SURF could be used for release of payments to logistics providers Automatic freight payments We moved into developing of stadnards Then we said, we should provide more value We need to help re-engineer it. The banks This is a utility used by financial markets Bolero as a bueinss Its designed more for importers and exporters Banks created many of the problems Sorted out the way both handled documents Very flexible tools Payment protection is optional Backet by the largest banks Negotiatble bill of lading $350 pa joining fee We're moving to more of a mass market approach. Transaction fee of $1-$60 per document Others cost $150-$200 (ie rival companies, Tradecard and CCEWEB) Importers and exporters are aware of the act. The key issue is systems integration. TradePag up to $20,000. Quite a few people who have that capability. 12 page rulebook boleroassociation.org/downloads/rulebook User organisation is completely separate The isssue for us is to introduce efficiency in the area of trade documents Support fulfilment Straight through processing companies spent a lot of time developing ERP systems within their organisation. Bolero is interested in introduction efficiencies and tools between organisations. We still tend to go for the biggest copmanies ITs better to go vfor larger organisations People who have the capability to manae new technology They're able to introduce the technology more easily than small players Early on, if a small copmany went to a large carrier and asked they could go through Bolero, people wouldn't know what they were talking about We spent time getting the product right We're set to rollotut to a broader audience