Diamante Corporate Payment A New Chapter in Diamond Supply Chain Management

For years the diamond industry has been operating on a payment structure that relies on time-consuming cross border transactions and wire transfers. Owing to the global nature of the trade, the money has to go through multiple checkpoints. This leads to a trail of paperwork and documentation that is hard to track, making the payment process lengthy and expensive. The traditional ways also make transactions vulnerable to theft and fraud.  

Many in the industry, small and big players alike have been blaming the traditional payment structure for the slow growth and post-recession financial slump in the sector and have been voicing for a reformation. Thankfully Blockchain couldn’t have come at a better time. The Distributed Ledger Technology, has all the values that the diamond industry has been seeking to speed up or rather renovate their payment structure. 

Diamante Consortium has harnessed the values of blockchain technology into creating their B2B corporate payments network that enables cross border payments in a matter of seconds at a fraction of the cost. 

Diamante Corporate Payments – How it Transforms Diamond Industry Payment Structure

Instant Payments

Diamante’s Corporate Payments network facilitates instant cross border payments. The transactions get processed within seconds through peer-to-peer technology resulting in quicker payments in both national and global markets. It is much better than the traditional wire systems with considerably slow processing times.  

Reduced transaction costs

The peer-to-peer technique removes the involvement of third parties from the payment structure. This significantly lowers the processing cost as without the third parties there is no need to pay an extra transaction fee for cross border payments. 

Safe and secure transactions

The diamond industry demands trust and cooperation among the trade participants. The diamante corporate payments platform is loaded with features that are perfect to uphold the trust factor. It delivers scalable, realistic and measurable results in real-time. 

The industry has often suffered cyber-attacks where hackers have invaded the payment platforms and stolen identities. The robust network of Diamante Corporate Payment minimizes these risks to zero and ensures a healthy and safe business ecosystem for the mutual growth of participants.  

About Diamante Blockchain 

Diamante Blockchain LLC, the USA-based diamond consortium is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete authenticity, assured quality, and cost-effectiveness in trade and transactions within its network.

‘The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and the USA Patriot Act.’

Diamante’s Corporate Payments Pioneers Advancement in Global Diamond Industry Through Use of DLT Making Transactions Fast, Secure and Traceable

A Corporate Payments Network that enables the instantaneous transfer of cross-border payments at a lower transactional cost, minimal risk, and a healthy business ecosystem for mutual growth.

LOCATION: LENEXA, KAN.  DATE: NOVEMBER 01, 2019

Spread across continents, the diamond trade has always had a global structure. While this characteristic widens the spectrum of growth, substantial issues keep hurting the global revenue of the sector. The diamond trade is riddled with online transaction issues such as lack of traceability, time consuming and cost-extensive settlements. To address these concerns Diamante has come up with its own corporate payment solution.

Diamante Consortium is a global platform that aims to create a unified marketplace for diamond trade participants. Using Blockchain technology, Diamante Corporate Payment addresses pain areas of the trade by facilitating enabling instant transfer of cross border payment at a fraction of charge levied by a traditional wired payment system.

The Need for Diamante Corporate Payment
The cross-border payment structure has always been a sore area of $160+ billion diamond industry. The use of traditional modes and payment service providers which have higher transaction charges and slower processing time makes transactions tedious and time-consuming.

Built on Blockchain technology, Diamante Corporate Payment is exactly what the diamond industry needs to solve these payment issues.

Reformation Brought by Diamante Corporate Payment
Diamante Corporate Payment settles payments on a decentralized network, providing security and traceability to all trade participants. This helps in:

  • Reduction of direct costs related to remittance
  • Streamlining the operational process to make cross-border payment fast, secure and mitigate operational risks
  • Significant reduction of interest rate losses caused due to inept processing

To put it in simple terms, what used to take days now takes seconds to process and complete, all at a fraction of the cost levied by traditional modes. Use of Distributed Ledger Technology aids in instant payments via smart contracts. It also ensures that that trades between participants are secure with precise traceability. All the transactions that take place get recorded in an immutable shared ledger that is protected with advanced encryption.

Chirag Jetani, COO of Diamante Blockchain shared his insight, “The Corporate Payment utilizes Diamante’s decentralized network to allow trade participants based in different geographies to interact and settle payments instantly and at a reduced cost. Traceability in online transactions offers peace of mind to all those involved in the diamond trade.”

Powered by Blockchain technology, Diamante Consortium has addressed some of the significant issues in global diamond trade that demanded attention for a long time. The global platform aims at enhancing trust and simplicity within the industry players and merchants which will hopefully have a positive effect on the centuries-old diamond industry.

About Diamante Blockchain
Diamante Blockchain LLC, the USA-based diamond consortium is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete authenticity, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and the USA Patriot Act.

Diamante Corporate Payment Is Set To Ramp Up The Security Of The Existing Online Transaction System

Blockchain payment systems are simplifying and increasing the efficiency of online transactions and Diamante Corporate Payment is set to bring about this change in the diamond industry

Although still a nascent technology, Blockchain has made remarkable improvements in the area of online transactions across industries. Its significance can be felt strongly in the diamond industry, where trust between trade participants is of utmost priority.

Diamante Blockchain Consortium – one of the first platforms to incorporate distributed ledger technology to soon create a unified marketplace for diamond industry participants – has taken another step towards revolutionizing its sector’s operations. It is set to launch Diamante Corporate Payment to secure and transparent online transactions within the blockchain network.

Features of Diamante Corporate Payment:

The Diamante Corporate Payment built on blockchain is exactly what the diamond industry needs to boost market demand. Chirag Jetani, COO of Diamante Blockchain, explains, “While diamantaires are increasingly moving or expanding their business to online platforms, the trust consumers have on the reliability of online payment platforms has a lot of catching up to do. This is mainly because of the piling instances of cybercrimes that result in misappropriation of funds and identity theft.” 
Diamante Corporate Payment settles transactions using its high performing native digital asset, DIAM.

The automation of Diamante Corporate Payment has several benefits, such as: 

  • Online Purchase Order and Invoice creation and exchange
  • Sharing of Trade and Shipping documents securely through encryption
  • It digitizes the end-to-end trade process and unites all involved parties on a single network to drastically cut down processing time.
  • Manage working capital efficiently through live tracking of an account balance
  • Real-time reconciliation and information sharing with other parties on the network
  • Automate critical business processes through smart contracts
  • Protect your data through encryption and blockchain immutability 

Benefits of Blockchain to online transactions:

Blockchain is being increasingly adopted across industries for its lending transparency and security to records of transactions for auditing in the future. The following the other three advantages that blockchain brings in:

1. Economizing Time –

It facilitates direct interaction between trade participants and replaces the need to rely on intermediaries. Incorporating third parties’ services such as lawyers, red tape, logistics agents, and banks prolong the processing time and bring down productivity. Payments made using Diamante Corporate Payment and cryptocurrency products are made in a fraction of the time taken by the traditional process of settling payments.

2. Reduces Costs by Eliminating Third Parties –

External agents that are relied upon to authenticate transactions elongate the process while charging high fees for their service. This makes the overall process unnecessarily expensive. This Blockchain-based Corporate remittance product automates business processes with smart contracts replace. As a result, costs are cut, but the scope of errors incumbent to manual processing of vast volumes of data is eliminated. Additionally, cost-reduction could increase the profits of the industry by a wide margin.

3. Increases accountability –

Transactions in the diamond industry involve trade in extremely precious commodities prone to moving in and out of the supply chain by illegal means. The lack of transparency and traceability in the existing system is responsible for this conundrum. The immutable shared ledger of blockchain records and traces the diamonds’ movement in real-time throughout the supply chain, thus validating its authenticity. The cryptocurrencies used to make these transactions possess a unique digital identity that can track their whereabouts within the blockchain network traceable, preventing fraud.

About Diamante Blockchain:

Diamante Blockchain LLC, the USA-based diamond consortium, is your one-stop destination if you are looking for result based diamond supply chain management. The consortium provides a unified marketplace for players across the diamond industry – from mining companies to cutters, polishers, certifiers, manufacturers, retailers, and end-customers. Built on Distributed Ledger Technology, Diamante Blockchain Consortium promises its clients and members complete transparency, assured quality, and cost-effectiveness in trade and transactions within its network.

The Diamante Consortium makes for an ecosystem where its members can obtain a line of credit with ease. It provides a first-of-its-kind marketplace for the Gem and Jewelry industry where trade is established through smart contracts. The consortium operates in compliance with Kimberly Certified norms, Anti-money laundering (AML), and USA Patriot Act.

Diamante Blockchain Consortium uses DIAM – its native digital asset – to carry out transactions and trade in its blockchain network.

Source:https://www.benzinga.com/pressreleases/19/04/r13507194/diamante-corporate-payment-is-set-to-ramp-up-the-security-of-the-existing-online-transaction-syste

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