TBCASoft a blockchain platform, IBM and telecommunications conglomerate SoftBank is collaborating to adopt a cross-carrier telecommunications blockchain payment solution.
The announcement was made on Oct. 22, where the partnership will enable carriers to use blockchain through the Carrier Blockchain Study Group (CBSG) Consortium.
A New Cross-Carrier System
The blockchain platform, TBCASoft reportedly created a cross-carrier blockchain platform with 18 participants.
CBSG intends to launch Cross-Carrier Payment System (CCPS), its first application. It aims to enable mobile service users to use their phones for payments with the local merchants abroad.
Founder and CEO of TBCASoft Ling Wu commented:
“As the global pioneer of cross-carrier blockchain solutions, we have been working closely with leading telecommunication carriers in the past 3 years under the CBSG Consortium to drive adoption of the CCPS platform. […] We believe that this collaboration will bring greater combined values to our customers, partners, and the telecommunication industry.”
Cross Carrier Payment System (CCPS) reportedly will allow for interoperability across different telecom carriers. It will help in establishing a network of merchants that will be accessible to mobile service customers.
Softbank will be the first carrier in adopting CCPS while aiming to launch the payment system in Tokyo in 2020.
IBM will reportedly be working with 80% of the world’s telecommunication carriers in supporting to scale the ecosystem. The blockchain platform TBCASoft intends to use IBM’s blockchain platform to offer open technology while supporting multiple cloud environments.
Vice President & Partner for Blockchain, IBM Telecommunications Services Utpal Mangla commented:
“Leveraging a telecommunications blockchain network that can enable improved cross-carrier relations, cross carrier payment can help transform the way telecom carriers transact with partners and customers to deliver innovative payment solutions.”
Cryptonewspoint recently reported that Samsung Pay has an international remittance feature, utilizing a platform owned by Finablr, a London-listed Ripple partner to offer cross-border payments feature Money Transfer to users of its app.