Telecom Giants Successfully Streamline Financial Settlement Using Clear’s Blockchain Solution

Blockchain, News | July 13, 2020 By:

Major telecommunications companies – Deutsche Telekom, Telefónica and Vodafone – have successfully automated the reconciliation of roaming discount agreements using a solution developed by blockchain-based settlement company Clear.

The first automated settlement trial, which encompassed a settlement for roaming data from the three providers for 2019, utilized Clear’s settlement solution that facilitates frictionless B2B trade by enabling enterprises to transition from current inefficient and manual processes to real-time trading and clearing on a global scale.

According to the companies, operator benefits included obtaining yearly settlement results in minutes instead of hours, uncovering data discrepancies visible to both sides in real-time, and the ability to update or correct data instantaneously. Anticipated benefits for telecom companies include faster revenue recognition, lower capital costs, and higher speed and efficiency.

“Roaming discount agreement reconciliation is a complex, costly process prone to errors. Having an automated system that can not only solve this problem, but avoid 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 at Deutsche Telekom Global Carrier. “Using Clear’s solution, operators will now have the ability to transact seamlessly with an ecosystem of partners — a crucial ability in the 5G and Edge ecosystem, in which we foresee significant growth of operators’ business relationships and business models.”

Deutsche Telekom, Telefónica, and Vodafone are now calling on 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. Operators who join will be able to examine the platform as a first step to building the new partnerships needed for 5G, Edge computing, and IoT ecosystems.

“To eliminate the complexity and streamline the process of B2B settlements, Clear developed a blockchain-based solution designed to automate contract settlement for enterprises, while guaranteeing control, security, and privacy,” said Eran Haggiag, Co-Founder and Executive Chairman of Clear. “This trial is a huge step forward to a world of improved partnerships, minimum disputes, and accelerated innovation. Initiatives from leading industry bodies such as the GSMA and the GLF are now pushing for industry adoption across multiple use cases. Clear and its partners are committed to aligning with industry standards to assure interoperability and access for all players to the forming networks.”