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.
LENEXA, Kan. (PRWEB) 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.