Hack4Diamonds Hackathon - May 2018
Platform where diamond traders can create invoices and get financing for these invoices from third parties.
There are 2 big problems in the diamond sector. When diamond traders sell diamonds, there is a due date for the invoice like any other invoice. These buyers have time until the due date, while the seller doesn’t have enough liquidity and is missing out on business because the seller agreed to pay after only 30 or 90 days. Diamond traders used to be able to go to a bank with their invoice for financing. But after some fraud, there are only a few percentage of banks who still allow this. The other problem, which we also had to solve to be sure there was no fraud in our financing platform was invoice fraud. Anyone in the process can say a certain invoice has a certain diamond. But there is no real validation whether or not the diamonds match the invoice.
We built a solution that can provide diamond traders with invoice financing. By digitizing their invoices and integrating different parties into the platform, we are able to validate and finance invoices by third parties. Because of this, a seller has more liquidity while the trade process get's more transparant and safer.Read more on our blog