R3, the enterprise software firm, is to partner with Bolero, which provides trade finance digitisation solutions, to develop a new electronic bill of lading (eBL) service across multiple trade networks.

The two companies have agreed a Memorandum of Understanding for collaboration on the joint project which will deliver a new, easy way of connecting supply chain participants, simplifying and further digitising world trade.

Bolero will extend the reach of its eBL Title Registry across the supply chain by developing an oracle on Corda, which will enable carriers to connect with corporates and other supply chain participants. Relevant parties will be able to endorse and verify an eBL's title without needing to revert to paper.

David E. Rutter, CEO of R3, said: "Like so many of the processes and systems banks are forced to use today, the infrastructure that supports trade financing is extremely outdated and prone to risk and error. The work we have been doing with our members over the last year has shown that this challenge no longer needs to stand in the way of giving businesses access to the services they need to trade across borders. The application we have built is the first of its kind and we look forward to rolling it out to our Corda users across the world."

The new eBL Service will help overcome many of the historical challenges in onboarding supply chain participants, including corporates, banks, ports, carriers, insurers and chambers of commerce, according to a statement. Participants across the supply chain will benefit from Bolero's eBL solution, slashing from days to hours the time it takes to complete presentation, financing and payment, boosting working capital, efficiency and productivity for all parties.

Ian Kerr of CEO, Bolero, said: "We are excited to be embarking on this important partnership with a renowned innovator such as R3. At Bolero our focus is always on making transactions safer, smarter and faster for everyone in the supply chain. This partnership with R3 is a significant advance in spreading the benefits of digitisation to all counterparties in world trade. We look forward to working very closely with R3 to remove barriers that have been preventing companies from enjoying all the proven gains in speed, security and productivity."