Monday, 19 November, 2018

SoftBank completes blockchain PoC for cross-border mobile payments

Softbank Completes Blockchain PoC for Cross-Carrier Mobile Payments SoftBank initiative aims to blockchainify mobile payments across the globe
Katie Ramirez | 14 September, 2018, 20:48

The offering is based on the Rich Communication Services (RCS) global messaging standard and utilizes TBCASoft's cross-carrier blockchain platform. He explained that SoftBank is at the forefront of bringing to market new cutting edge technology. The system will be based on the global messaging standard, Rich Communication Services (RCS). Its consortium-based blockchain platform enables telecommunication carriers to create innovative services for their subscribers under a more secure, robust, and efficient environment.

The combined mobile payment service will allow users to make in-store and mobile and digital purchases in addition to processing global peer-to-peer money transfers.

SoftBank Corp., a subsidiary of SoftBank Group Corp.

Use of RCS services with underlying blockchain technology can revolutionize the working of mobile payments. Sychronoss Technologies is an global creator of cloud, digital, IoT, and messaging products.

According to the announcement, Synchronoss has launched a secure multi-channel communications platform in Japan earlier this year, which covers SMS, email and RCS, a communication protocol that aims to replace SMS messages with a text-message system that is richer, provides phonebook polling, and transmit in-call multimedia.

TBCASoft is a US -based company developing innovative blockchain technology specifically for telecommunication carriers.

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Softbank additionally clarified that, with a distributed network as a fundamental innovation, clients can send funds stored in their wallets inside the RCS agenda starting with one transporter then onto the next in a shared manner - which would be particularly valuable when traveling overseas.

The payment service dubbed, Cross-Carrier Payment Service (CCPS) blockchain API enables the users to receive person-to-person money through the RCS app in either currency, according to a statement released by the company.

Japanese telecoms company Softbank Corp. has just completed a blockchain proof-of-concept (PoC) that certifies P2P mobile payments over various transporters.

SoftBank further explained that worldwide purchases made can be done directly through an RCS-based messaging app, similar to a text message or email.

Commenting on the innovative payment service app, the vice president of Softbank Corp "Takeshi Fukuizumi" said that the app would empower the merchants to transact in digital money in a way similar to the one that has for always been enjoyed by the big brands.

Meanwhile, Sychronoss' CEO was optimistic that RCS messaging will be the new backbone of the marketplace for merchants and brands.

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