Leverage blockchain to automate dispute management and reduce the settlement time
Service providers in the connectedness industry receive intercarrier invoices worth over USD 1.2 billion annually and are challenged with revenue blockage of more than 25% due to disputes. Managing disputes and improving trust in intercarrier settlements is challenging for service providers. The traditional approach of dispute analysis and resolution is inefficient, delaying settlements for several months. The most common causes of dysfunction are:
- Multiple siloed teams and manual handoffs cause delays between invoice auditing and settlement
- Prolonged and expensive verification of claims due to third-party intervention
- Dependency on intermediaries for settlements is prone to high-security risks
The aforementioned challenges increase the cost of managing and resolving disputes. As the interconnect margins continue to decline, shifting to a smarter dispute management process will become critical for addressing the revenue blockages. Blockchain-powered dispute management increases the security, transparency, and traceability of settlement data shared across the network, reducing the settlement time by 60%. The inherent capabilities of blockchain reduce the dependency on intermediaries, with a simple, near real-time, error-free reconciliation and settlement process.
Leverage blockchain-powered dispute management to reduce the settlement time
Implementing blockchain-powered dispute management increases the security, transparency, and traceability of settlement data shared across the network, thereby reducing the settlement time by 60%.