Bolero International, perhaps now the most established of global trade finance digitisation providers, has joined the Marco Polo trade finance network, bringing with it its Galileo letter of credit (L/C) and e-Bill of Lading solutions.

Currently, more than thirty banks including BNY Mellon, Bank of America, BNP Paribas, Commerzbank, ING, LBBW, RBI, and SMBC participate in Marco Polo, making it one of the world's most significant trade finance network leveraging blockchain technologies.

Galileo platform

Earlier this year, Bolero launched its new Galileo platform to future-proof digital trade finance services for banks, corporates, carriers, and other trade eco-systems (DC World News, 21 February 2020).

With an enhanced user experience powered by a single intelligent platform, Galileo claims to deliver greater functionality and seamless integration with third-party systems, providing end-to-end visibility to corporate clients and banks.

Payment commitment solutions

The e-Bill of Lading solution includes e-documents and e-presentation solutions to the trade finance network.

By making its solutions available on Marco Polo, Bolero is aiming to expand the matching options for the network's payment commitment solutions.

Marco Polo

Marco Polo is an open network for members, partners and third-party service providers.

The partnership between Bolero and Marco Polo aims to ultimately provide a fully integrated trade settlement process allowing corporates and banks to increase the capacity and velocity of their trade transactions whilst facilitating rapid decision-making.

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.