CSG (NASDAQ: CSGS) today announced it has been selected by the ITW Global Leaders’ Forum (GLF) to support the creation of an open blockchain ecosystem aimed at revolutionizing carrier inter-service provider settlement processes by enabling automation and improving security. CSG will leverage its expertise in interconnect and wholesale to help the GLF identify ways the technology can facilitate rapid and cost-efficient wholesale settlement between carriers and their partners as they deliver all types of services to their customers.
Blockchain technology can be used to streamline complex carrier agreement and settlement processes. This includes reducing the amount of time it takes to put contracts in place between carriers, as well as speeding up the process for carriers to settle financial agreements, lowering collection times.
The ecosystem, called the Communications Blockchain Network (CBN), is expected to launch later this year and will be governed by a collaborative structure of both carriers and leading technology providers, including CSG (video). The CBN, and the collaborative industry-wide governance framework, will serve the wider information and technology service provider community by avoiding fragmentation and helping accelerate adoption of automated settlement applications. It will also help facilitate the development of open-source standards and APIs that enable service-provider interoperability of blockchain-enabled services.
“CSG is excited to partner with the ITW GLF to create a unified blockchain ecosystem,” said Finn Kornbo, director of product management, CSG. “The adoption of blockchain technology helps carriers reduce costs, while enhancing revenue growth by supporting the launch of new and innovated services brought about by 5G, IoT and other industry advancements.”
The partnership closely follows CSG’s launch of the wholesale business support systems (BSS) industry’s first blockchain technology lab solving the industry’s toughest business challenges by leveraging the wider application of blockchain, as well as explore new applications for the technology in areas including trading, routing, roaming, fraud and partner management (video).
CSG is a leader in the BSS industry for the wholesale market with a long-standing track record in disciplines including trading, routing, QoS assurance and inter-carrier billing and settlement. The company serves more than 300 operators and carriers worldwide – including more than half of companies that make up the ITW Global Leaders Forum.
CSG is a provider of software and services that help companies around the world monetize and digitally enable the customer experience. For more than 35 years, CSG has simplified the complexity of business, providing revenue management and digital monetization, payments, and customer engagement solutions to help our customers tackle any business challenge and thrive in an ever-changing marketplace.
Operating across more than 120 countries worldwide, CSG manages billions of critical customer interactions annually. CSG is the trusted partner driving digital innovation for hundreds of leading global brands, including Arrow Electronics, AT&T, Charter Communications, Comcast, DISH, Eastlink, Formula One, iflix, MTN and Telstra.