A British coffee importer has made the first use of an XML-based document transmission scheme to trade with Latin America.
London-based AJ Ridge & Breminer is trialling the Bolero.net secure trading documentation system in a bid to reduce admin costs on Colombian coffee shipments.
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The first shipment using the system was completed this month. The deal involved the exchange of documents with the National Federation of Coffee Growers of Colombia, the shipping company P & O Nedlloyd, the Royal Bank of Scotland and the Chase Manhattan bank.
AJ Ridge & Breminer director Paul Wilkes said, "We can reduce the transaction cost of handling paper. The information also comes in a form our computers can then manipulate. It will allow us to control and track a shipment in an easier manner."
The Bolero.net system is installed on standalone hardware but will be linked to the firm's network should trials be successful. The deal was completed only five weeks after the Colombian growers' federation joined Bolero.net.
"This is significantly faster than anything achieved to date, although in this case it was probably quicker because there weren't any long-term systems integration issues," said Bolero.net commercial director Peter Scott.
The Bolero.net system has 70 members drawn from trading firms, shipping lines and international banks.