Friday, 19 April 2019
Latest news
Main » Softbank to launch blockchain based cross-carrier payment service on mobile

Softbank to launch blockchain based cross-carrier payment service on mobile

14 September 2018

Synchronoss Technologies, Inc., an IoT and messaging provider, has united with Japan-based telecom carrier SoftBank Corp. and blockchain technology provider TBCASoft Inc. on a cross-carrier payment service (CCPS) that will use TBCASoft's blockchain platform and the Rich Communication Services (RCS) global messaging standard.

Softbank further explained that, with a distribute network as a underlying technology, users can send funds stored in their wallets within the RCS system from one carrier to another in a peer-to-peer fashion - which would be especially useful when traveling overseas. However, Glenn Lurie, the president and CEO of Synchronoss has stated that the new mobile service based on blockchain technology will "disrupt the current messaging and payments market". The activity involved the partnering firms jointly creating the blockchain-based PoC, which integrates RCS with a distributed blockchain-based network deployed across multiple telecom carriers.

In a press release published on September 11, Softbank revealed the development of a platform that would allow peer-to-peer mobile payments across different carriers.

Synchronoss has delivered in Japan, a rich and secure multi-channel communications platform, which covers SMS, email and RCS.

The three entities joined their efforts to carry out a PoC that was meant to enable users to conduct in-store, mobile, and digital purchases from their mobile phones. TBCASoft is a developer of cross-carrier platforms driven by blockchain technology. Leveraging the innovative technologies of other SoftBank Group companies, SoftBank also expanding into AI, smart robotics, IoT, FinTech, cloud security and other business sectors. The service will facilitate the users to carry out peer to peer worldwide transfer of money.

Through the RCS standard, one can send a payment.

The CCPS blockchain API enables a recipient to use legacy messaging services such as mobile email or SMS for receiving P2P money transfers via the RCS app, whether in the same country or from overseas. The messaging app can either be triggered by mobile email or SMS, while payments can be sent locally or overseas.

"RCS messaging will become the foundation for a new, feature-rich marketplace for brands and merchants, both large and small, to interact with subscribers", Lurie continued.

TBCASoft has been working with SoftBank, under the Carrier Blockchain Study Group (CBSG) Consortium, to deliver a cross-carrier blockchain platform called CCPS (Cross-Carrier Payment Service), which is created to support global mobile payment services among operators.

Softbank to launch blockchain based cross-carrier payment service on mobile