Bolero, the cross-industry platform for transacting e-business over the Internet, has announced that Arthur Vonchek has been appointed as its new chief executive. He replaces Barry Morse who resigned in March 2004.

This marks the first significant change in leadership for the organisation that produces documentation and a secure online environment for trade financing mechanisms - including documentary credit transactions - to take place over the Internet.

Personnel change

Vonchek has a reputation in the fields of e-commerce and international supply chain management and is currently a Senior Vice President and member of the Executive Committee at BroadVision, one of the more prominent of solution providers in the e-commerce sector. Bolero's new top executive takes up his responsibilities on 1 July 2004.

Morse, who will continue on the Bolero board as a non-executive director, has headed the online trade finance organisation for most of its lifetime. He became involved in the Bolero concept for removing the paperwork in international trade seven years ago.

Documentary credit suite

Bolero has developed a comprehensive range of documentation specifically designed to facilitate online documentary credit transactions. Its documentary credit suite includes documentary credit acknowledgment, advice of discrepancy, amendment advice, notification and reimbursement authorisation.

Several banks have adopted BoleroAdvise, the system aimed at enabling banks to dispense with physical mail, faxes or proprietary electronic delivery channels for the delivery of L/C advices, without having to sign up fully to the Bolero concept.

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