World Bank Group Analyzes Blockchain’s Impact On International Settlements Speed, Digital ID; iQSTEL Inc.’s itsBchain’s New Platform Addresses Both
World Bank Group’s new report this month from its Bank For International Settlements (BIS) analyzes the speed and digital ID process of cross border payments and how blockchain technology is disrupting FinTech, specifically related to international payments. It discusses the requirement for speed in transactions and need for a faster, simplified digital identification (ID) process. iQSTEL Inc.’s (OTC: IQST) 75% owned itsBchain subsidiary addresses those issues with a faster receivables timeframe and a software blueprint for fraud mitigation.
Blockchain is in the news daily. Media companies such as Stock Market Press are reporting on the fast growing blockchain and 5G telecommunications market. It keeps readers up to date on 5G company stocks such as iQSTEL Inc. (OTC: IQST), Motorola Solutions, Inc. (NYSE: MSI), China Mobile Limited (NYSE: CHL),Verizon (NYSE: VZ), AT&T Inc. (NYSE: T), T-Mobile US (NASDAQ: TMUS), Sprint (NYSE: S) and Ericsson (NASDAQ: ERIC), HIVE Blockchain Technologies Ltd. ( (OTC: HVBTF) and Long Blockchain Corp. (OTC: LBCC) in 5G and blockchain networks. Also covered are trends by semiconductor manufacturers Qualcomm (NASDAQ: QCOM), Qorvo (NASDAQ: QRVO) and Skyworks Solutions (NASDAQ: SWKS), among others.
World Bank Group analyzes blockchain’s impact on international settlements speed, digital ID; iQSTEL’s new platform addresses both
The new (April 2020) report from BIS acknowledges the role of blockchain in disrupting global FinTech technology of payment processing. The report concludes that these are ever-changing as new technology is developed. Juniper Research predicts that B2B blockchain cross border payments could reach $4.4+ trillion by 2024. The study is titled, “Blockchain: Key Vertical Opportunities, Trends & Challenges 2019-2030.” It estimates that blockchain could save financial institutions $7 billion by 2024 through automation and ease of identifying users. World Bank Group analyzes blockchain’s impact on international settlements speed, digital ID; iQSTEL’s new platform addresses both.
iQSTEL Inc.’s (OTC: IQST) itsBchain subsidiary blockchain-based software can shorten receivables timeframe from 35-40 days to as little as one day
iQSTEL Inc.’s (OTC: IQST) itsBchain subsidiary has developed a new blockchain-based payment solution software ready for beta testing. It can shorten the receivables timeframe from 35-40 days currently to as little as one day. The blueprint is for Voice, SMS and Data Wholesale Carrier Settlement and Payment Platform for Tier 1 Carrier Interconnects such as Telefonica and Deutsche Telecom. The software also reduces fraud, a large issue in global payment settlements. The itsBchain payment solutions software is designed for use by its current clients: Telefonica, Deutsche Telecom and other Tier 1 Carrier Intercepts. World Bank Group analyzes blockchain’s impact on international settlements speed, digital ID; iQSTEL’s new platform addresses both.
Blockchain Technology Is Turning The Payment Processing World Upside Down
In a statement, iQSTEL Inc. (OTC: IQST) said, “Blockchain technology is turning the payment processing world upside down. Rapid processing with fraud mitigation all in one forensic friendly system will drive the Telecom market out of the dark ages into the 21st century.” The software blueprint is for its blockchain-based Voice, SMS and Data Wholesale Carrier Settlement and Payment Platform.
Beta Testing Anticipated As Early As Q3
Mr. Iglesias, CEO of iQSTEL Inc. (OTC: IQST), said, “The demand for an efficient Tier-1 payment system is felt across the telecom industry as a whole. Currently, receivables time frames are 35-40 days. Our vision in istBchain is to be the first blockchain solution for this market, dramatically reducing the receivables time frame to as little as a day.”
He added that he anticipated early Q3 delivery for beta testing the payment solutions platform with some of the company’s largest carrier clients, such as Telefonica (Spain and Latin America), Millicom (Tigo brand for Latin America), Telecom Italia and Deutsche Telecom.
iQSTEL Inc. (OTC: IQST) Addresses Fraud Prevention Issue
Another important element of this blockchain-based payment solution software blueprint is fraud prevention. Mr. Iglesias said, “Today, the carrier interconnection market is worth hundreds of billions of dollars per year and our system will bring transparency, efficiency and increased profits to the carriers.”
iQSTEL Inc. buys 75% of itsBchain blockchain solutions provider, plans to develop telecom blockchain solutions for carrier, corporate and retail markets
iQSTEL Inc. (OTC: IQST) completed its acquisition of a 75% stake of itsBchain and Mr. Iglesias, CEO of iQSTEL, said, itsBchain is uniquely position to develop telecom applications based on smart contracts and blockchain technologies. Mobile number portability and carrier wholesale VoIP, SMS and Data payment solutions are just two of the projects itsBchain has under development. We believe the synergy between our subsidiaries, as well as our existing clientele, will greatly benefit from this new acquisition.”
iQSTEL Inc. (OTC: IQST)’s Growing Number Of Telecommunications Subsidiaries
In addition to its 75% stake in subsidiary itsBchain LLC, iQSTEL Inc. (OTC: IQST) wholly owns Miami-based subsidiary, Etelix.com USA, LLC, an American-based 5G provider of Submarine Fiber Optic Network capacity for internet (4G and 5G). It owns 51% of SwissLink Carrier AG. SwissLink Carrier AG provides international VoIP connectivity worldwide and more. It also owns 51% of QGlobal SMS LLC, a U.S.-based company which has international interconnection with Tier 1 SMS aggregators to more than 100 countries worldwide.
iQSTEL Inc. (OTC: IQST) This Week Acquires 51% Of U.S.-Mexico SMS Service Provider, Pushing Its Combined Revenues To Over $50 Million Annually
iQSTEL Inc. (OTC: IQST) announced this week its acquisition of 51% controlling interest in an Austin, Texas-based U.S.-Mexico SMS service provider. The transaction adds $29 million to the current annual revenues of iQSTEL, pushing it to over $50 million. It drives the iQSTEL Inc. (OTC: IQST) SMS business, under the QGlobal SMS brand, to generate 60% of the company’s annual sales in the $100 billion SMS market.
Source: Stock Market Press
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