New York, NY, June 06, 2000 – The Chase Manhattan Bank, lead subsidiary of The Chase Manhattan Corporation (NYSE: CMB) today announced that it has joined bolero.net, the global trade organization that is setting the standard for moving international trade online.
Chase, the first to offer online trade with its proprietary TradeDoc service, is leading the way towards universally accepted trade standards, an important step toward the end goal of e-enabling the classical trade service.
"Our joining Bolero is an integral part of e-enabling Chase trade services and exemplifies Chase’s commitment to re-define the marketplace for the New Economy." said Patrick Mahanger, Vice President, Chase Treasury Solutions. "Chase Treasury Solutions is repositioning its global trade service to facilitate migration of commerce to the net to speed communication, enhance security, mitigate risk, and streamline processing for virtually all participants." Chase expects that initiatives such as Bolero will ultimately lead to a transformation of the trade process.
Trade has traditionally involved the physical creation and movement of documents between various partners. bolero.net, using the Internet backbone, creates numerous potential advantages: replacing paper with electronic communication, reducing error rates, eliminating redundant data entry and accelerating document availability, reducing processing time resulting in positive impacts on inventory and funding requirements, and efficiently reaching counter-parties and service providers. It is bolero.net’s objective to provide an interoperable system that minimizes the efforts necessary for communication between the sender and receiver.
Created by the world’s logistics and financial services communities, bolero.net presents clients with an opportunity to use a common, open system to exchange documents via the Internet, taking advantage of the speed, accuracy and efficiency of e-commerce.
The Chase Manhattan Corporation is a premier global financial services firm with assets in excess of $390 billion. Chase combines the best of commercial and investment banking, offers world-class information and transaction processing services, and has a leading U.S. consumer franchise that serves 32 million customers. Through its newly formed business unit Chase.com, Chase is successfully creating innovative business models for the New Economy. Chase, with offices in more than 45 countries, has a presence in all of the principal financial centers around the world.
bolero.net, launched at the end of September 1999 by the logistics and banking communities, is a global initiative to move trade onto the Internet. The Bolero System provides secure electronic transmission of business data and documents along the entire trade chain from front end order processing and management to backend trade document exchange.
