Pareteum Corp (NYSEAMERICAN:TEUM) recently announced that it had finalized the rollout of its Global Cloud Service tailored or the settlement and management services of one of its clients in the U.K.
The cloud communications provider signed the contract with the UK-based customer in August last year. The customer is a Communication Platform as a Service (CPaaS) provider that provides global payment services to more than 500 service operators all over the world. Social media and online game are some of the applications that can be monetized easily thanks to Pareteum services. The UK-based firm will be able to handle mobile in-app billing services to work.
The idea is to bill in-app purchases through a simple text to the buyer’s cell phone regardless of where they are on the globe. This will be made possible through the TEAX developer exchange and the Pareteum Global Cloud solution. This means that application store purchases will be globally accessible to anyone as long as they have service plans that include direct billing. Pareteum CEO, Vic Bozzo stated that App developers and app store owners need a solution they can use to direct bill for their services.
The CEO also stated that the UK-based client will be able to expand its reach on a global scale thanks to Pareteum’s Global Cloud Solution. The company will receive revenue every time transactions are created by customers. Pareteum’s executive chairman Hal Turner described the service activation as a good example of the company’s leadership in rapidly growing the digital and online economy. He also added that the firm’s partnership with carriers from all around the world has facilitated the creation of a revenue share model that will be advantageous to developers.
Turner also described the achievement one of the ways of paying back value to the telecommunications market through the software services from Pareteum. Meanwhile, blockchain technology looks quite appealing for the firm since it also facilitates the settlement of in-app purchases. AI is also expected to play a part in credit scoring.
Pareteum stock closed the latest trading session on Tuesday at $2.31 after tanking 3.35 percent from the previous close.