Tate & Lyle signs up to bolero.net Tuesday 5 December 2000 PDF Print bolero.net today announced that Tate & Lyle Global Trading Division has signed up to it’s electronic business solution. As a company that moves a significant volume of goods around the world, Tate & Lyle sees bolero.net as an opportunity to gain efficiencies. Created by the world’s banking and logistics communities, bolero.net allows anyone engaged in cross-border trade to exchange business data and documents securely over the Internet, in a legally ‘certain’ environment. The result is savings that can often be measured in many millions of dollars. Tate & Lyle is a global leader in carbohydrate processing. Its brands and high quality ingredients add value to consumer products around the world. Turnover is in excess of £4 billion and Tate & Lyle has over 20,000 employees worldwide. According to Michael Broom from Tate & Lyle Global Trading, "Using online technology to achieve service improvements is a key objective and signing up to bolero.net was therefore a natural fit. This latest move is one of a number of developments designed to help Tate & Lyle to add value to its global molasses and sugar trading activities. We expect to gain experience with bolero.net and depending on results identify other potential opportunities within the Group. bolero.net commercial director Peter Scott explains: "The result will be that the whole process of conducting cross-border commerce becomes much more efficient. According to the United Nations, every year $420 billion is spent on paper-based administrative processes. bolero.net offers the opportunity to lower this figure considerably." Tate & Lyle joins a ‘bolero.net connected’ community of major players in world trade that includes large corporations such as Otto Versand, Hitachi and Samsung, seven out of the world’s top ten banks (including BNP Paribas, Citibank, Deutsche Bank and HSBC), and five out of the world’s top ten carriers (including Evergreen, Cosco and P&O Nedlloyd). For further information: Dirk Singer, on behalf of bolero.net, Tel +44(0)207 360 6061 or Chris Fox, Tate & Lyle, Tel +44 (0)20-7626-6525 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.