The benefits of Bolero may soon filter down to more corporate and financial users with the announcement of a deal struck between the developers of the electronic platform on which messages can be exchanged online and JPMorgan Treasury Services.

The JPMorgan Chase subsidiary has become the first financial institution to adopt Bolero's fully automated documentary checking utility known as SURF with the aim of passing on the benefits of its functionality to its clients. JPMorgan has also signed up for Bolero's new Connect the Community package.

Pricing

The deal allows JPMorgan clients to access Bolero functionality at favourable prices while expanding Bolero's user base.

The Connect the Community package is designed to allow financial institutions to offer their corporate and financial institution clients to utilise the functionality of Bolero without the cost of becoming full members. This new pricing development aims to speed the expansion of Bolero's services across import and export transaction chains.

SURF, an acronym for settlement utility for risk and finance, is an internet-based mechanism that ensures both parties to a cross-border trade transaction have fulfilled their contractual obligations, allowing payment to take place and goods to be delivered. JPMorgan will begin to customise and integrate the product to offer it to its clients.

Benefits

Once Bolero functionality is incorporated in its products, JPMorgan's corporate and financial institution clients could benefit from features such as automated trade document checking and discrepancy handling, the integration of existing back office systems for straight-through processing and accelerated settlements for all trade products.

According to Bolero, clients using SURF will be able to streamline operating costs, reduce risks and access to a totally electronic trading chain at minimal cost.

This article represents the views of the author and not necessarily those of the ICC or any of the other partners in DC-PRO.