International Paperless International Trade Online

In the ascendant of electronic commerce, international trade online has been revealed under the impetus of relevant international organizations. As a key part of international trade, the international paperless revolution of P has come to the surface.

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< p > the rapid development of electronic network technology has made international trade move towards efficient, safe and low-cost online operation in the past two years.

After more than 5 years of preparation, an Internet based BOLERO network supporting international trade processes to pfer and exchange electronic documents and data has been established and started to operate.

BOLERO was founded by the European Community and was jointly established by TTCLUB (THROUGHTRANSPORTCLUB, a London based Transport Co insurance agency) with SWIFT in April 1998.

The users of BORELO include importers and exporters, banks, insurance companies, pport banks, carriers, port authorities, customs and inspection organizations in international trade.

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The operation of < p > BOLERO, supported by the Internet, is based on a core information platform. It is an open, neutral, highly secure and legitimate electronic network, and is committed to eliminating paper trade.

After signing the agreement to become a member, users can exchange documents and check data through the Internet to complete the trade process.

Another major feature of the company is that it allows online pfer of ownership of goods through the application for registration of rights.

There is no doubt that BOLERO has brought about a revolution in electronic commerce. It has made great contributions to improving the efficiency of international trade, improving safety and management level, reducing costs, reducing fraud and eliminating trade barriers.

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< p > 1999, a fully electronic letter of credit, including payment and pportation process, has been successfully operated in BOLERO.NET pilot small area. The test has processed electronic bills such as Bill of lading, customs declaration, letter of credit, insurance policy and so on.

BOLERO's main member banks have entered the paperless online operation in providing international trade settlement and financing services for importers and exporters.

All banking officers in the international settlement section are authorized to enter the registration system of the BOLERO center, open the credit card, notify the letter of credit, and examine the bill, and connect with the bank's own electronic settlement system to complete the payment and liquidation series letter of credit.

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Less than P, the innovations brought by electronic international settlement are: first, shortening the time of trade settlement process.

For exporters with L / C settlement, the international settlement time will be shortened from 10-15 days to 3-4 days or even half a day.

The two is to simplify the processing of documents and reduce operational errors.

Because of the uniform format and standard of electronic documents, the examination and production of bank documents is greatly simplified.

Three, risk control is more powerful.

BOLERO provides a globally connected, highly secure approach to electronic storage and delivery of trade documents for participants in international trade. Its high security features ensure that the risk of fraud is almost zero.

The four is to reduce costs.

According to three and bank estimates, online settlement of international settlement can reduce management costs by more than 30%.

The four is to achieve the same direction of data and currency.

Online and real-time electronic documents and data deliveries make it possible to make advance payment settlement to documentary settlement.

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The introduction of the new system of < p > BOLERO enables banks to provide import and export customers with a more efficient, safe and reliable trading environment and help all parties in the trade chain to reduce costs and improve efficiency.

At present, some famous international banks in Europe, Japan and the United States have joined the BOLERO system and become the forerunner. They are Citibank, HSBC, National Westminster Bank, Tokyo MITSUBISHI bank, first persuade bank, three and bank, overseas Chinese Bank of Singapore, etc.

The major banks are committed to promoting the use of the overseas Chinese Bank of Singapore, and set up a special department to enable the 15-20% of more than 4000 trade customers to use the electronic service in the first year of the plan.

The National Westminster Bank combines BOLERO with its own electronic banking system. BOLERO is used to verify documents of real right, and the bank's own electronic banking system is used to open letters of credit and payment.

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< p > the advent of e-commerce has threatened the inefficient trading of financial instruments relying on letters of credit and other traditional paper-based instruments for a long time. It will trigger a strong impact on traditional counter international settlement.

Although the development of electronic commerce is developing rapidly, the paper mode of international settlement will remain unchanged for a period of time, especially in developing countries. The practical operation of international settlement of electronic network needs to be standardized. For example, the ICC guidelines for electronic commerce and settlement are still in the formulation stage. UCP's amendment to the introduction of electronic letters of credit will take some time. However, signing a BOLERO or other electronic trade settlement network in today's highly developed commercial society is inevitable. Our domestic banks should keep abreast of the trend and make preparations as early as possible.

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