Diamante Blockchain, a blockchain consortium exploring how the technology can address friction in the diamond supply chain, has introduced a B2B payments feature.
A press release issued Tuesday (Nov. 12) said Diamante’s newest solution, Diamante Corporate Payments, aims to address the friction associated with cross-border wire transfers, the traditional payment method upon which industry players rely. The B2B payments tool wields blockchain to facilitate cross-border transactions in near real time while reducing transaction costs and addressing security and fraud threats.
“Many in the industry, small and big players alike, have been blaming the traditional payment structure for slow growth and post-recession financial slump in the sector and have been voicing for a reformation,” Diamante said in its announcement. “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 did not explain how buyers, suppliers and B2B partners in the diamond supply chain will see their fiat currency transferred to payees via blockchain, however.
In a previous announcement about Diamante Corporate Payments, Diamante Blockchain COO Chirag Jetani said, “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.”
Last month, the blockchain consortium released details of its previous conference exploring blockchain’s potential in the diamond industry.
“FinTech is going to make the diamond industry better by making the business move faster, move cheaper, and make things more transparent, which is a win for everybody involved,” said Diamante Chief Regulatory Officer Samuel E. Proctor in a statement at the time.