Ebury to present transaction solutions at CARAT+
Multi-banking fintech company, Ebury, will exhibit at CARAT+ for the first time in May, representing a small, but targeted group of exhibitors offering new opportunities to businesses in the diamond sector. Here, Arnaud Penson, Ebury’s Antwerp-based senior sales executive, shares his insights with David Brough.
Q: What services can Ebury offer to the diamond trading community, and how do these services differ from what diamond banks currently offer?
Arnaud Penson: We provide diamond merchants with a platform to perform transactions around the globe in an efficient, safe and cost-effective way with fully-operational IBANs in EUR and USD.
Traditional banks have been withdrawing from the diamond sector because of the operational costs of serving diamond merchants.
By combining our technological advantage with a solid multi-banking model (using a network of 14 banks as liquidity providers) we have built a digital, continuous and durable platform allowing access to the financial markets.
Importantly, our platform has been built with input from the sector. Working with 40 diamond traders, we have spent time understanding the practical side of the sector in order to adjust our compliance requirements and match the sector's demands in the best possible way.
Q: What challenges are diamond traders now facing in terms of transactions in the sector?
AP: As traditional banks have been leaving the sector in Antwerp, diamond traders find themselves in a very difficult position. To keep serving their customers, they need access to bank accounts with a user-friendly platform to manage their cash flows from anywhere in the world.
Alternatives proposed until now have not been in line with the sector needs. Either the model was not robust enough to handle the volumes of transactions, or the cost of doing transactions was too high. Our platform allows traders to operate again on a global scale.
Q: What feedback has Ebury received from the diamond trading community since it entered the diamond sector earlier this year?
AP: The response we received from both small companies and captains of industry has been overwhelming and very positive. At first, some of our clients were reluctant to step away from their traditional banking partners, but as they started to work with us, they experienced the ease of use of our platform and our competitive pricing.
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Q: What does Ebury hope to achieve at CARAT+?
AP: CARAT+ is a good opportunity for us to present our offering to the sector and show how we can add value for diamond businesses.
As our services currently apply solely to registered diamond companies in Antwerp, we want to reaffirm our presence in the Antwerp market. However, we are also looking at getting in touch with companies from the other international diamond hubs.
Discover more about Ebury, here.
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CARAT+ is The World’s Premier Diamond Event, covering the full spectrum of the diamond and diamond jewellery trades. The show specialises in four sectors: loose diamonds, branded diamond jewellery, non-branded diamond jewellery and services for the diamond jewellery industry.
Taking place in Hall 1 and Hall 4 of the Antwerp Expo on 6, 7 and 8 May, entry to the show is restricted exclusively to industry professionals, including diamond and jewellery wholesalers and manufacturers from around the world, and jewellery retailers from across Europe and the wider world.