Bolero, the web-based platform and set of standards over which electronic trade finance products can run, has announced a partnership with MaxeTrade to provide Australia's exporters with access to Bolero solutions.

MaxeTrade, an industry led initiative to meet the changing technical and operational needs of Australia's trade and transport community, will provide its network of exporters with access to the BoleroAdvise letter of credit (L/C) advice solution.

Australasian progress

Bolero says that the main benefits for Australian exporters using BoleroAdvise are found especially in the presentation of L/C advices, where its solutions claim to improve the speed and accuracy and significantly reduce the cost of the L/C process.

The tie-up with MaxeTrade in Australia follows the announcement of similar agreements made by Bolero to boost distribution of its solutions in Hong Kong (DC World News, 3 February 2005) and China (DC World News, 12 April 2005).

Benefits

MaxeTrade was established to deliver an enhanced communications and e-commerce platform to meet the evolving requirements of new legislation such as the recent Australian Customs' Cargo Management Re-engineering (CMR) initiative.

According to CEO of MaxeTrade, John Ray, the agreement with Bolero will help exporters "to reduce their critical order-to-cash cycle ... making it much easier for them to process L/C advices from multiple banks."

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