Bolero is discussing the integration of two top-10 container shipping companies, but as negotiations with these lines are ongoing Bolero’s head of customer engagement and legal, Paul Mallon, could not disclose their names.
Seamless integration offered by Bolero to lines like CMA CGM and Evergreen, who have already incorporated Bolero into their systems, means that customers see only the shipping line, but the transactions are fast and secure.
These are the only lines to consider integrating their systems, but even so a significant number of the major shipping lines use Bolero. The company develops and integrates new technologies across the entire supply chain, and having been initially established by banking technology provider SWIFT and insurer TT Club, with the aim of digitising global trade, connecting the trading community and simplifying the processes.
Bolero offers a variety of solutions, such as letters of credit management, documentary collection, bank guarantee management and electronic bills of lading. Providing its clients with these services, the 1998 founded company says it improves cash management, minimises the risk, reduces fraud, and increases operational efficiency.
The technology company claims it offers simple and easy-to-understand technologies, which can be easily adopted, providing greater visibility, transparency and control, but it operates, unnoticed, in the background.
Last month the company announced the launch of its latest solution, Galileo, and this new platform seeks to solve some of key challenges of the industry, such as the lack of presence and interoperability, according to Bolero.
Mallon believes that what makes Bolero different from its competitors is that it is heterogeneous, calling, connecting and providing services to stake holders from various parts of the trade network.
Bolero uses a two-tier pricing model, which gives clients the chance to select a yearly subscription or a per transaction charge. “If you do not trust us, then you would not put your transactions through,” commented the Bolero head. He added, “The Bolero system security is guaranteed by SWIFT and has never been hacked.”
Additional input by Nick Savvides, Managing Editor