KPMG to develop blockchain settlement solution

KPMG Soon to Launch a Blockchain Settlement Solution

KPMG, the multinational business advisory firm is teaming up with prominent software techies to develop a blockchain settlement solution. The collaboration includes Tomia, Microsoft and R3 for the project development.

The blockchain settlement solution will implement smart contracts that will resolve conflicts between the carriers and mobile operators. It will also hold critical information regarding correct rates, destinations, and deal information. This solution aims to make settlement processes efficient and cost-effective for the users. It will avoid the need for outsourcing telecom companies.

The current settlement procedures are quite complex and tedious process including both cross-border and cross-carrier settlements. Sometimes such settlements take days and weeks to resolve and hands over a long bill to the customer. Additionally, with the arrival of 5G mobile services, the process will get more complex with more data included.

Earlier in June, Raiffeisen Bank International (RBI) of Russia came up with a blockchain platform for automating settlements. This platform ensures a trusted network of data sharing between two firms. It will automate the settlements and also provide tools for financial management.