BOLERO.NET EXTENDS REACH IN JAPAN Tuesday 19 December 2000 PDF Print Two major Japanese corporations today signed up to bolero.net. Tokio Marine and Fire becomes the first insurance company to join bolero.net. At the same time, Tokai Bank, soon to become part of one the largest banking groups in Japan, has joined the bolero.net community Created by the world’s banking and logistics communities, bolero.net is the emerging global standard in international trade. The Bolero System allows anyone engaged in the process of buying or selling across borders to exchange trade data and documents online, in a secure environment, and underpinned by a unique legal infrastructure. Hundreds of thousands of Japanese businesses can now benefit from the services of "bolero.net connected" organisations. This includes all of the leading Japanese banks (Fuji Bank, DKB, Sanwa Bank, Bank of Tokyo Mitsubishi, Sakura Bank, Sumitomo Bank), "K Line", one of the largest container shipping companies in the world; and major trading houses such as Mitsui , Marubeni, Nissho Iwai and Itochu. Tokio Marine and Fire With 13,000 employees, Tokio Marine and Fire is one of the world’s top ten insurance companies. It becomes the first insurance company to be part of the bolero.net community. According to Yoichi Tagawa, Deputy Manager of Marine Underwriting Dept. of Tokio Marine, "We are naturally pleased to be the first insurance company joining bolero.net, which provides us with an unparalleled opportunity to streamline our business processes. The Bolero System will now become the de facto mechanism by which we will issue insurance certificates to our customers electronically around the world." Tokai Bank Soon to become part of the United Financial Group of Japan (UFJ) with Toyo Trust & Banking Co and Sanwa Bank, Tokai Bank provides sophisticated trading, risk advisory, structured finance and investment products and services. Tokai Bank has a high SME customer base in Japan and is a leading commercial bank with a very strong profile in Central Region of Japan. According to Hideaki Yamakita, Manager of Network Planning Div. of Tokai Bank, Tokai Bank, "bolero.net allows us to offer our customers and suppliers access to more efficient and secure corporate banking services. It helps both the bank and our customers reduce costs and improves efficiency for everyone involved in the trade chain. The fact that our partner in UFJ, Sanwa Bank, is also a member of the bolero.net community means that we will naturally be working very closely with them in rolling bolero.net services out to our customer base." Commenting on these latest announcements, bolero.net commercial director Peter Scott said, "These leading Japanese organisations now have a tremendous strategic and tactical advantage to beat their international competition with enhanced service levels and very significant efficiency gains." For further information: Dirk Singer, Tel +44(0)207 360 6061 firstname.lastname@example.org About bolero.net bolero.net was created at the end of September 1999 by the world's financial institutions represented by Society for Worldwide Interbank Financial Telecommunication (SWIFT) and the world's logistics community represented by the Through Transport (TT) Club and 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. bolero.net is the trading name of Bolero International Ltd. This press release was distributed by ResponseSource Press Release Wire on behalf of Bolero International Limited in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.