Dynamic monetization—altering the amount to be charged as the products or services are being consumed in real-time—will continue to become a popular business model. Fast, actionable and efficient rating could be the single most competitive asset to overcome hurdles and capitalize on convergent services emerging in markets such as the Internet of Things (IoT) and Over-The-Top (OTT) solutions.
A key component of TRACT is a sophisticated real-time rating engine with robust usage and entitlement management functionality commonly found in highly scalable, multi-million dollar, industry-specific solutions. TRACT automates the processes of accepting incoming events; identifying the correct customers, current allowances and price plans; correctly calculating the charges; and applying the charges to the appropriate customer accounts. The mediation engine ensures the data is augmented, normalized and prepared for rating.
The real-time rating engine within TRACT can do the following:
- Process billions of usage events, complex charging and entitlements as well as unlimited requests from 3rd party systems
- Launch new products, bundles, pricing and promotions with ultra rapid time-to-market
- Control rules for rate plans, rollovers, allowances and balances (prepaid and postpaid)
- Add or change a list of usage-based charges that can be applied to a given event
- Process authorization and provisioning requests and also efficiently re-rate charges in real-time as actionable events occur
- Update account balances and usage allowances for immediate retrieval by subscriber
- Adapt and scale to support future products, services, technology standards and growing business volumes
- Ensure consistency of rating across all customer interactions