in the burgeoning e-commerce today, international trade lines driven by the relevant international bodies on the Internet horizon, as an important aspect of international trade international settlement surfaced with the paperless revolution.

international clearing electronic background

electronic networks the rapid development of international trade over the past two years towards an efficient, safe and low-cost online operation. After 5 years of preparation, an Internet-based, support international trade processes involved transfer, the exchange of electronic documents and data of the BOLERO network has been established and begun operation. BOLERO initiated by the European Community was founded, the TT CLUB (THROUGH TRANSPORT CLUB, a transport mutual insurance agency with headquarters in London) and SWIFT was established in April 1998 joint venture. BORELO users, including in international trade, import and export companies, banks, insurance companies, transport firms, carriers, port authorities, customs, inspection bodies, and so on.

BOLERO operations to the Internet, to a central information platform architecture, is an open, neutral, highly secure, legitimate electronic network, is committed to the Elimination of paper trading. Using signed an agreement to become a member, exchange documents, verification of data through the Internet, through the trading process. Another key feature of it is through the application for registration on the right, allowing online transfer of ownership of the goods. There is no doubt that BOLERO has brought a trade of electronic revolution, which improve the efficiency, security, international trade and management, lower costs, reduce fraud, the Elimination of trade barriers has made great contributions.

paperless international settlement operations

1999 years, a fully electronic, including the payment and shipping processes with BOLERO.NET pilot operation in a small range in the credit operation is successful, the test processing customs declarations, letters of credit, bills of lading, insurance policies and other electronic documents. BOLERO member banks in providing international trade settlement and financing services for importers and exporters into the paperless and online operations. Sessions of the Bank for international settlements staff authorized to enter the BOLERO Centre registration system, issuing, notification, letter of credit, a single trial, and connects to the banks ' own electronic clearing and settlement system payment clearing series of credit operation is completed.

electronic innovation of international settlement: a greatly reduced time to trade settlement process. Exporters to settled in letters of credit, international clearing time from 10-15 days to 3-4 day or even half a day. II is simplify the document handling, reduce operational errors. Electronic documents have unified formats and standards, document audit of Bank and production greatly simplified. Three were stronger risk control. BOLERO for participants in international trade to provide online join on a global scale, highly secure means of storage, transfer, trade documents in electronic format, its high degree of safety features to ensure that the risk of fraud is almost zero. Four is to reduce costs. Sanwa Bank Limited estimates, online operations for international settlements 30% above reduces management costs. Four is to achieve data and money flow in the same direction. Online real time delivery of electronic documents, data make it possible to advance payment to the documentary settlement.

paperless process for international settlements

BOLERO the introduction of the new system enables banks to import and export customers with access to a more efficient, more reliable and secure trading environment, help Parties to reduce cost in the trade chain and improve efficiency. At present, Europe, Japan and the United States some of the well-known international banks have joined the BOLERO system, a pilot, they are Citibank, HSBC Bank, National Westminster Bank, the Bank of Tokyo-Mitsubishi, ichi kangyo Bank, Sanwa Bank Limited, Singapore OCBC Bank. All major banks are committed to promoting the use, Singapore OCBC Bank to set up specialized departments, is scheduled to run more than the first year to more than 4,000 trade customer's capacity to use the electronic services. National Westminster Bank BOLERO with its own e-banking systems, BOLERO for verification document of title, of its own e-banking system for opening letters of credit and payment.

the advent of e-commerce in international trade relies on letters of credit and other traditional paper-based inefficiencies in financial instruments traded threats for some time, it will throw an strong impact on traditional counter international settlement. While electronic of trade of development rapid rapid, paper of international settlement way in a time within especially in developing countries will maintained does not variable, electronic network international settlement of practice sexual operation also to developed unified specification, as International Chamber of of electronic of trade and settlement guidance rules also is developed stage, UCP on introduced electronic credit of amendment also to to time, but signed joined BOLERO or other electronic trade settlement network in today height forward of commercial social has into must, my domestic bank should immediately trend Early to prepare.