IBM-Partner TessPay System Shares How Blockchain’s Future Role In Financial Settlements Can Be
TessPay- The Revolution Of Financial Settlements
Global wholesale telecom carriers are the reason we can make international calls. They use a technology called VOIP- voice over internet protocol. It requires at least three carriers making a supply chain across long distances. Because a majority of them are medium or small, establishing credit and trust with other carriers is a key struggle in their business.
This establishment has a long list of requirements: cross-border third-party agreements, lawyers, lenders, credit insurance providers, bankers, and numerous operational support staff. The process is long and expensive with a large chunk of time wasted on chasing payments throughout the supply chain.
Furthering the complication is no link involved knowing anything about the pathway beyond who connects to them and who they connect to within that path. This secrecy makes chasing payments that much harder.
TessPay is offering a way to revolutionize this method of settling finances with a platform they built. It will use smart contracts constructed on blockchain tech to securely record talking time in international calling while making the whole process more efficient. As a smart contract is written in code, once enacted it will run on a blockchain node, be outside of control of any parties it is about, and it will be impossible not to follow.
Smart contracts will define invoice data and interval, payment terms and rates, billing increments, code list, and a number of other possible options. The end result will be less costly, more secure, and transparent to all those involved while still maintaining the secrecy of the chain path. The path becomes securely automated and operates on pay out for all involved every 24 hours, allowing a focus on connecting calls rather than chasing payments.
This ledger based finance settlement has a lot of applications and will hopefully make international calling both less complicated and more consumer focused.
IBM is beta testing this platform and general customers will be invited to join sometimes in this year’s first quarter.