its bolero.net electronic trade community for importers and exporters.
Cargill Ltd., a Minneapolis-based distributor of agricultural and industrial products and services, will use the Bolero system in its global trade.
Bolero is a joint venture of the Society for Worldwide Interbank Financial Telecommunication, a bank-owned payments messaging network, and Through Transport Club, a London-based association representing container fleet carriers, ports, and terminals.
Bolero would provide an electronic registry for all required trade documents, allowing trading partners to electronically transmit customs and insurance forms, bills of lading, letter of credit details, and other financial documents, thus simplifying an international trade process that is deeply mired in paperwork.
Earlier this year Cargill's Brazil unit piloted the Bolero system, evaluating it while exporting coffee to America. Cargill said its Latin and Central American operations will join bolero.net later this year, followed by its Asian and African businesses in 2000.
Bolero recently announced membership fees for bolero.net, which became commercially available Sept. 27.
Basic users, such as small exporters and individuals, would pay $5,000 a year for unlimited use of the network. Small businesses that ship goods overseas and operate through a number of international subsidiaries would pay $50,000 a year. Large multinational organizations would pay $150,000 for a two-year period.