Samsung SDS and Syniverse Simplify Mobile Payments
At the 2020 International CES®, Samsung SDS and Syniverse announced they have signed a memorandum of understanding to develop a wallet-agnostic, mobile payment platform to enable regulatory-compliant, cross-region mobile transactions for mobile operators and enterprises in logistics, financial, travel and hospitality, media and entertainment, and retail markets.
The companies will bring together Samsung SDS’s Nexledger Universal platform and Syniverse’s industry-leading blockchain solution, Universal Commerce, and market-aware Mobile Engagement platform to develop a common platform that will work with any mobile operator and allow any mobile user to send money, loyalty points, or other digital currencies to other mobile users or merchants on a global basis. Samsung SDS and Syniverse developed the platform using a motto of simplicity that “Your phone number has become your easiest payment method.”
Samsung SDS and its Nexledger Universal platform allow enterprises to take control of distributed transactions, securely and conveniently. The platform has been implemented in various fields, such as finance, manufacturing, logistics, and the public sector. Nexledger Universal offers a flexible application programming interface that can be applied to different blockchains like Ethereum, Hyperledger Fabric and Samsung’s own Nexledger Consensus Algorithm. In addition, Nexledger Universal can interoperate with diverse wallet-device architectures from vanilla Android to the defense-grade Samsung Knox for exceptional security when needed.
Syniverse’s mobile technology products and services provide a secure instant-access platform for seamless, customizable multi-channel messaging and connectivity. The platform connects more than 7 billion mobile devices in 158 countries and annually processes more than $35 billion in transactions for mobile operators and enterprises.
Syniverse’s Universal Commerce blockchain service simplifies, accelerates, and secures multiparty agreements by replacing manual processes with smart contracts, unifying data records, and providing encryption. It reduces the friction of doing business in a revenue-sharing world of large-scale global services and technologies – regardless of industry or connectivity type.
Scott Koo, President, Samsung SDS America noted “The need for simple, fast, secure, auditable and cost-effective monetary transactions is growing worldwide. Today the cost to consumers and merchants is too high. The proven attributes of blockchain along with the scalability and flexibility of Nexledger Universal, and Syniverse’s decades of payment and settlement experience, create the opportunity to lead the market in delivering a frictionless phone-to-phone or phone-to-merchant payment engine for secure, simple exchange of value. With our shared values, differentiated offerings and extensive capabilities, Samsung SDS and Syniverse are primed to securely convert your mobile phone into an easy-to-use digital wallet.”
Dean Douglas, Chief Executive Officer and President, Syniverse said “Our goal is to establish universal financial transaction trust for every connected device in the world. As part of this, we’re focused on reducing the friction of cross-regional mobile payments and addressing ever-increasing regulatory requirements by leveraging blockchain technologies. Today’s digital transformation requires mobile operators and businesses to offer their customers and employees seamless mobile experiences, especially in the area of clearing and settlement. In collaboration with Samsung SDS, we intend to integrate the power of blockchain to design a mobile wallet platform that solves some key challenges of mobile payments and builds trust in a mobile user’s identity, device and transaction.”