Samsung SDS, a global provider of digital transformation and innovation solutions, and Syniverse have signed a memorandum of understanding to develop a wallet-based, mobile payment platform.
The platform will enable regulatory-compliant, cross-region mobile transactions for mobile operators and enterprises in logistics, financial, travel and hospitality, media and entertainment, and retail markets, according to a statement.
The companies will bring together Samsung SDS’s Nexledger Universal platform and Syniverse’s blockchain solution, Universal Commerce, 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 on a global basis.
Samsung SDS and the Nexledger platform allow enterprises to take control of distributed transactions. Nexledger Universal offers a flexible API that can be applied to different blockchains. In addition, it can interoperate with diverse wallet-device architectures to ensure security.
Syniverse’s mobile technology solutions provide a secure instant-access platform for customizable multi-channel messaging and connectivity. Its Universal Commerce blockchain service simplifies, accelerates, and secures multiparty agreements by replacing manual processes with smart contracts, unifying data records, and providing encryption.
“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,” Dean Douglas, CEO, and president, Syniverse commented.
Samsung SDS America (SDSA) is the U.S. subsidiary of Samsung SDS, with a worth of $9 billion. It helps organizations optimize their productivity, make smarter business decisions, and improve their competitive positions in a hyper-connected economy using its enterprise software solutions for secure mobility, retail, DOOH, advanced analytics, and contextual marketing.
Syniverse helps mobile operators and businesses manage and secure their mobile and network communications, driving better engagements and business outcomes. It has been delivering innovations in software and services that connect more than 7 billion devices globally and process over $35 billion in mobile transactions each year. The company is headquartered in Tampa, Florida.