Samsung SDS and Syniverse 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 Universal Commerce blockchain solution and 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 globally.
Samsung SDS’s Nexledger Universal platform enables enterprises to take control of distributed transactions securely and conveniently. The platform has been implemented in various industries, including finance, manufacturing, logistics, and the public sector.
Nexledger Universal offers a flexible application programming interface that can be applied to different blockchains such as Ethereum, Hyperledger Fabric and Samsung’s own Nexledger Consensus Algorithm. In addition, Nexledger Universal can interoperate with diverse wallet-device architectures ranging from Android to the defence-grade Samsung Knox for exceptional security when needed.
Syniverse’s mobile technology products and services provide a secure instant-access platform for customizable multi-channel messaging and connectivity. The platform connects more than 7bn mobile devices in 158 countries and processes more than $35bn in transactions annually for mobile operators and enterprises.
The company’s Universal Commerce blockchain service simplifies, accelerates, and secures multiparty agreements by replacing manual processes with smart contracts, unifying data records, and providing encryption.
“The need for simple, fast, secure, auditable and cost-effective monetary transactions is growing worldwide,” said Samsung SDS America president, Scott Koo. “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.”