Paperless international settlement

[China Glass Network] Today, as e-commerce is on the rise, international trade online has been unveiled under the impetus of international organizations. The paperless revolution of international settlement, which is an important part of international trade, has surfaced.
International settlement electronic background
The rapid development of electronic network technology has enabled international trade to move towards efficient, secure and low-cost online operations in the past two years. After more than five years of preparation, a BOLERO network based on the Internet that supports international trade processes to participate in the transmission and exchange of electronic documents and data has been established and put into operation. BOLERO was founded by the European Community and was established in April 1998 by TTCLUB (THROUGHTRANSPORTCLUB, a London-based transport co-insurance agency) and SWIFT. BORELO's users include importers and exporters, banks, insurance companies, transportation lines, carriers, port agencies, customs, inspection agencies, etc. in international trade.
BOLERO's operation is supported by the Internet and is based on a core information platform. It is an open, neutral, highly secure and legal electronic network dedicated to eliminating paper trade. After the user signs the agreement and becomes a member, the company exchanges the documents and checks the data through the Internet to complete the trade process. Another major feature of it is the application for registration of rights, allowing the transfer of ownership of goods online. There is no doubt that BOLERO has brought about an electronic revolution in trade, which has contributed greatly to improving the efficiency of international trade time, improving safety and management, reducing costs, reducing fraud and eliminating trade barriers.
Paperless international settlement operation
In 1999, a fully electronicized letter of credit operation, including payment and transportation processes, was successfully operated on a small scale experimentally in BOLERO.NET, which processed electronic bills such as bills of lading, customs declarations, letters of credit, insurance policies, etc. . BOLERO's major member banks have entered a paperless online operation in providing international trade settlement and financing services for importers and exporters. All banking personnel in the international settlement process are authorized to enter the BOLERO center registration system to issue certificates, notify letters of credit, and review orders, and connect with the bank's own electronic settlement system to complete the payment clearing series letter of credit operation.
The innovation brought by electronic international settlement has: First, it has greatly shortened the time of trade settlement process. For exporters settled by letter of credit, the international settlement time will be shortened from the original 10-15 days to 3-4 days or even half a day. Second, the processing of documents is simplified, and operational errors are reduced. Due to the uniform format and standards of electronic documents, the bank's document review and production is greatly simplified. Third, risk control is more powerful. BOLERO provides a highly secure electronic way to store and deliver trade documents online in a globally connected manner for all parties involved in international trade. Its high security features ensure that the risk of fraud is virtually zero. The fourth is to reduce costs. According to estimates by Sanhe Bank, international settlement online operations can reduce management costs by more than 30%. The fourth is to achieve the same flow of data and currency. Online real-time electronic receipts and data delivery make it possible to settle payment by way of settlement.
Paperless international settlement process
The introduction of BOLERO's new system enables banks to provide import and export customers with a more efficient, safer and more reliable trading environment, helping all parties in the trade chain to reduce costs and improve efficiency. At present, some internationally renowned banks in Europe, Japan, and the United States have joined the BOLERO system and become the pioneers. They are Citibank, HSBC, National Westminster Bank, Tokyo Mitsubishi Bank, Qianshang Bank, Sanhe Bank, and Singapore Overseas Chinese. Banks, etc. The major banks are committed to promoting their use. Singapore’s OCBC Bank has set up a special department to operate its e-services by 15-20% of its more than 4,000 trading customers in the previous year. National Westminster Bank combines BOLERO with its own e-banking system, BOLERO is used to verify property rights documents, and the bank's own e-banking system is used to open letters of credit and payments.
The advent of e-commerce has been a threat to inefficient transactions in international trade relying on letters of credit and other traditional paper-based financial instruments, and it will trigger a strong impact on traditional counter international settlement methods. Although the development of electronic trade is rapid and rapid, the paper-based international settlement method will remain unchanged for a period of time, especially in developing countries. The practical operation of electronic networked international settlement has yet to be standardized, such as the electronicization of the International Chamber of Commerce. The trade and settlement guidelines are still in the formulation stage. UCP's revision of the introduction of electronic letters of credit will take time, but it is inevitable that the signing of BOLERO or other electronic trade settlement networks will advance in today's highly advanced commercial society. Be prepared for the trend.


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