Bolero International announces a significant new joint project with global invoice marketplace Incomlend. The project will expand Bolero’s reach, combining its unique ePresentation and electronic Bill of Lading technology with Incomlend’s innovative model of supply chain finance to help close the ever-widening trade finance gap.
Together, the two companies will simplify and streamline Cash Against Documents transactions, using digitisation to enable fast, secure transfer of electronic (title) documents over the Bolero platform and more rapid payment. The process will eradicate the delays and errors associated with paper documents and significantly reduce vulnerability to forgery and fraud. With access to Incomlend’s supply chain finance resources, small and medium-sized companies will have access to a flexible and innovative, non-Bank trade finance provider.
Andrew Raymond, CEO, Bolero International, said: “Our exciting new joint project with Incomlend expands our ecosystem into the non-banking finance sector and brings our services to a wider range of clients who find it difficult to access trade finance from well-established institutions. Incomlend is as committed to the democratisation of trade finance as Bolero.”
Incomlend clients using the new service will benefit from a digitised process that employs Bolero’s electronic bill of lading (eBL) as a key negotiable document in cross border trade transactions. The eBL is tied to supporting documentation such as certificates of origin, invoices and packing lists. Incomlend will act as the trusted party between sellers and buyers to enable payments to be affected and electronic documents to be exchanged by Incomlend against agreed instructions.
Incomlend CEO and Co-founder Morgan Terigi said: “Our new global initiative with Bolero will enable smoother online transactions for both exporters and investors, thanks to the digital bill of lading. We’re privileged to partner with Bolero who can help our users increase their shipping documentation quality. In turn, our users will have access to lower rates of financing when requesting a digital BL.”