KPMG Teams Up With Tomia, Microsoft And R3 To Create A Near Real-time Settlement Network For Telecom Companies

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KPMG is working with TOMIA, Microsoft and R3 to develop a Blockchain solution that will streamline the transactional process from a multi-week to a multi-day process by saving time on settlement and dispute management, increase transparency, and prevent hefty costs trickling down to consumers. 

“Blockchain offers a central management system for critical business information like agreement details, supplier and customer information, and tariff and partner settlement information. It can enable telecom companies to more efficiently manage contracts and financial reconciliations. Instead of a monthly basis, blockchain can manage this daily – creating a near real-time payment system. The automation and efficiency characteristics of a blockchain will allow for reduced outsourcing, and in turn, reduced costs associated with the settlement process,” stated Arun Ghosh in a KPMG blog post. 

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“Developing smart contracts that include the right rates, destination and bilateral deal information will ensure a significant drop in disputes between carriers and mobile operators. The blockchain can also build in invoice reconciliation solutions that address rate and amount disputes,” he added.

The group believes that the utilisation of Blockchain will result in fewer settlement disputes, lower costs for carriers and more intuitive processes can be anticipated. And with the emergence of 5G, the system will be better prepared to support exponentially rising data usage along with the increase of distributed data across hotspots and networks. The automation and efficiency characteristics of Blockchain will reduce the need to outsource manual processes, and in turn, reduce costs associated with the settlement process. Blockchain, ultimately, can proactively combat the increased expenses that would otherwise fall on the consumer to cover.

In late June 2019, Tomia introduced their new blockchain settlement platform powered by Microsoft Azure.

“We are privileged to work with Microsoft, the leading enabler of digital transformation. This is a testament to the unmatched value of our technology innovation, as well as to our strong record of 25 years in delivering premier services, consistently meeting performance targets, and our market-leading expertise in roaming and interconnect.”

“Microsoft Azure and Azure Blockchain Service help TOMIA deliver solutions that allow communication service providers to focus more on their customers’ experience and less on managing servers and daily operations,” said Marc Mercuri, Principal Program Manager, Blockchain Engineering at Microsoft Corp. “The Blockchain Settlement solution addresses a variety of issues related to the telecommunication industry and allows CSPs to take advantage of the flexibility and enterprise-grade reliability that Azure provides.”

David E. Rutter, CEO of R3, said:

“As the telecoms market becomes increasingly digitized, there is a significant opportunity to improve the efficiency of settlement and dispute management processes, saving time and costs. We think the Corda blockchain, with its focus on security, scalability and performance for enterprise use, provides the ideal technology platform for developing new solutions. We’re excited to be engaging with some of the industry’s most experienced and accomplished names, TOMIA, KPMG and Microsoft, to work on this project.”

The future of connectivity is changing with growing individual data usage and the promise of 5G wireless networks and Blockchain will now underpin the new ecosystem. 

About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem – Honorary Ph.D. and is Chair Professor of Blockchain at China’s first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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