Bill Of Lading Electronic Registry Organization (BOLERO),
Definition of Bill Of Lading Electronic Registry Organization (BOLERO):
International organization created by some of the worlds leading banks and shipping, trading, and other firms to provide secure business-to-business information over the internet. It covers all types of commercial transactions open account, documentary collection, and documentary credit. In addition to the digital bill of lading, BOLERO handles many associated documents online and aims to provide all banking, certification, commercial, customs, insurance, and transport documents electronically. Based on the open standards (such as EDIFACT and XML), it employs a patented legal infrastructure and a secure messaging system (in association with SWIFT). Its rigorous registration system accepts only those firms as members whose identity can be verified and vetted, and binds them with strict rules. The objectives of BOLERO include (1) development of a financial supply chain as efficient as modern physical supply chains, (2) safe and tamperproof paperless-trading, (3) seamless integration of shipping and manufacturing systems, (4) complete confidentiality of transactions, (5) fast and reliable delivery of documents anywhere in the world with non-disputable (see non repudiation) proof of delivery, (6) timely dispute resolution at reasonable cost, and (7) transparency and visibility throughout the process.
Meaning of Bill Of Lading Electronic Registry Organization (BOLERO) & Bill Of Lading Electronic Registry Organization (BOLERO) Definition