By Sally Watson, 27 September 1999 17:30
NEWS An electronic system designed to boost global trade was unveiled today in London. According to commercial director, Peter Scott, Bolero.net is a "value-added application on the Internet which delivers a credible solution for business-to-business ecommerce". Commercial use of the Web is being held up by a raft of problems, according to Scott, including security, identity, trust, legal validity, guarantees, dispute resolution and interoperability. Bolero.net is designed to counter these problems by encouraging its members - including the 13,000 members of its two parent organisations, The Through Transport Club and Swift (the Society for Worldwide Interbank Telecommunications) - to collaborate on standards and interoperability. The company is also in talks with governments around the world to gain official backing for the scheme. "Governments have the same problem as businesses. Our strategy is to provide a platform for all communities." Companies can apply at http://www.bolero.net but must undergo a strict due diligence period to establish their credibility. According to Scott there is a "complex and strong series of tests" for those applying, including reference from a Swift bank member and approval by the Bolero Association. Swift hopes the application procedure and joining fee won't discourage small firms from joining. The first company to sign up for founder user status was Cargill, an international distributor of agricultural, food, financial and industrial products and services, which has already trialled the Bolero.net system for its Brazilian coffee exports.
In order to post a comment you need to be registered and logged in.
Log in or create your silicon.com account below