A. General Information
1. Title
Bolero e-Presentation
2. Implementation period of the project/service:
4. Geographical coverage
Global
Participating countries: United Kingdom of Great Britain and Northern Ireland
Hub Point: United Kingdom of Great Britain and Northern Ireland
5. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
Bolero
Other participating agencies/entities
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b. Operational stage
Lead agencies/entities (op)
Bolero
Other participating agencies/entities (op)
--
6. Main stakeholders/beneficiaries of the service
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
7. Business process category of the service
Commercial Transactions
Transport
B. Lessons Learned
8. Summary description of the project/service
a. Objective(s)
Reduce the risks and costs of global trade, Greater visibility, transparency and control, Optimise working capital, Safely exchange trade data and documentation
b. Business need for the service (background)
In response to request from the UN to make background information available
c. Business process covered*
Electronic presentation of trade and commercial documents and trade finance
d. Overall architecture and functionalities*
Bolero host a Software as a Service (SaaS) platform supporting ePresentation as well as Multi-Bank Trade Finance, Supply Chain Finance and an integrated electronic Bill of Lading service for Carriers and Logistics organisations
e. Relevant document/figure
--
9. Documents and data exchanged via the service
Letter of Credit, Bill of Lading, Invoice, Packing List etc.
10. Data models/databases, proprietary solutions, hybrid approaches
--
11. Main challenges faced during the service
New measures for supply chain financing using ICT is beneficial to community but the change of business practice is a challenge. Proprietary technical standard and high entrance cost could be a challenge in introducing a new service.
12. Lessons learned from the service
--
13. Main benefit(s) of the service
Transaction Cost savings*
Transaction Time savings
Simplified process
Increased trade flow
13A. Elaborations/detailed description on benefits gained
Improved Cash Management through reduced Days Sales Outstanding (DSOs), Minimised Risk, Increased Operational Efficiency, reduced cost, certainty of Goods Release
14. Technical/financial/capacity building/other assistance
SWIFT and Maersk Data contributed to the build of components for the Bolero platform at the outset. All IP is owned by Bolero. There was investment from VCs and other organisations.
15. Future plan for expansion of the service
Bolero’s strategy is to open up our platform’s core capabilities to wider transactional markets. Our work with the Carriers is evidence of this as is the development of an API based Connection Module to provide more flexible data interchange options.
16. Other information or relevant references on the service
--
17. Relevant document regarding the service
--
C. Relevant Standards
18. Name(s) of any international, national legal instrument underpinning the service
The Bolero Rulebook
19. Electronic message standard
19A. Electronic message standard supporting the service
XML:
- Other XML format: Bolero XML
19B. Type of standard for electronic message applied for the service
International standard
Proprietary solution
Proprietary solution was applied because:
- No relevant international standard
- S/MIME over SMTP is an international standard. On top of this the Bolero Protocol XML messages (SMSG/FMSG/BACK/UACK/DNOT) are a
20. Technical communication standard
20A. Technical communication standard supporting the service
20B. Type of technical communication standard applied for the service
21. Security-related standards*
21A. Security-related standard supporting the service
TLS (Transport Layer Security) / SSL (Secure Socket Layer)
S/MIME to sign and encrypt messages. The message signatures provide non-repudiation of both sending and receipt
21B. Type of security-related standard applied for the service
22. Other Technical Information
22A. Interface developed for data exchange with an internal system
--
22B. Other technical implementation information
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