Telecom Giants successfully simplifies financial settlement using Clear’s Blockchain solution
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Leading telecom companies – Deutsche Telekom, Telefónica and Vodafone – have successfully automated the reconciliation of roaming discount agreements using a solution developed by the blockchain-based settlement firm Clear.
The first automated settlement trial, which included a regulation for roaming data from the three vendors for 2019, used Clear’s settlement solution that facilitates frictionless B2B commerce by enabling companies to move from current inefficient and manual processes to real-time trading and clearing on a global scale.
According to the companies, operator benefits included getting annual payment results in minutes rather than hours, discovering discrepancies in data visible to both parties in real time, and the ability to update or correct data instantly. The expected benefits for telecom companies include faster revenue recognition, lower capital costs, and greater speed and efficiency.
“Reconciling the roaming discount agreement is a complex and costly process prone to errors. Having an automated system that not only solves this problem but also avoids it altogether opens up a world of possibilities for telecom companies as we move from isolation to collaboration, “said Johannes Opitz, Vice President Commercial Roaming Services by Deutsche Telekom Global Carrier. “Using Clear’s solution, operators will now have the ability to transact seamlessly with an ecosystem of partners, a critical capability in the 5G and Edge ecosystem, where we expect significant growth in business relationships and of the business models of the operators “.
Deutsche Telekom, Telefónica and Vodafone are now asking operators to join them in creating a new frictionless ecosystem, with Clear offering free installation and an extended trial to new operators until the end of 2020. Joining operators will be able to review the platform as a first step to build the new partnerships needed for 5G, Edge Computing and IoT ecosystems.
“To eliminate complexity and simplify the B2B settlement process, Clear has developed a blockchain-based solution designed to automate contract settlement for businesses while ensuring control, security and privacy,” said Eran Haggiag, co-founder and executive president of Clear. “This trial is a huge step towards a world of improved partnerships, minimal disputes and accelerated innovation. Initiatives from major industry entities such as GSMA and GLF are now pushing for industry adoption in multiple use cases. Clear and its partners are committed to aligning with industry standards to ensure interoperability and access for all players to training networks. “
