Synchronoss Plans to Leverage Blockchain to Eliminate Middleman in Payment Processing for Carriers
Synchronoss Technologies (Bridgewater) continues to develop products that will allow telecom operators and wireless carriers to streamline their payment systems by using blockchain. The company is doing this through a partnership with TBCASoft (Sunnyvale, Calif.), a cross-carrier blockchain-platform technology provider.
Last year, Synchronoss and TBCASoft successfully completed a payment service proof of concept designed to allow users to make a range of in-store, mobile and digital purchases directly from their devices through Synchronoss’ secure multichannel communications platform. The Synchronoss platform allows users to send payments via SMS and provides rich communications services, including email, leveraging TBCASoft’s cross-carrier blockchain payment platform.
TBCASoft also leads the Carrier Blockchain Study Group (CBSG), a global consortium of telecom carriers, which has been gaining momentum because of its unique vision and a cross-carrier blockchain platform that doesn’t rely on cryptocurrencies.
Its Cross-Carrier Payment Service foundation-application framework facilitates global mobile payment services for CBSG carriers. Synchronoss, a foundation-application provider, plans to improve its clients’ services by using distributed ledger technology to remove middlemen parties typically found in other payment ecosystems.
“Leading carriers recognize the value of a consortium-based blockchain, and the technology is gaining recognition as an innovative means of empowering carriers to provide differentiated services by securing transparency, security and real-time transactions with blockchain advantages,” said Ling Wu, founder and CEO of TBCASoft.
Synchronoss president and CEO Glenn Lurie said: “Our successful proof of concept demonstrates how this new cutting-edge technology, as well as new RCS [rich communications services]-based mobile services, will disrupt the current messaging and payments market to create new opportunities for customers, brands and carriers globally.”
