The growth of IP–based traffic and services presents both challenges and opportunities to service providers. The challenges relate to the change associated with new business models and technological requirements. The opportunities, however, far outweigh the challenges, as VoIP and related services provide immediate markets for new service offerings. Clearinghouse services—from basic bilateral termination to high-value services such as financial settlements and enhanced applications—are immediate sources of revenue for operators interested in driving their networks toward the unified, high-capacity infrastructure of the future. Clearinghouse operators can leverage existing sales, marketing, and technical resources to provide immediate revenue opportunities with minimal investment. Revenue sources include wholesale minutes termination, refile minutes growth, and clearinghouse services. In addition, clearinghouse operators benefit from the cost savings of enhanced compression, reduced equipment costs, and lower termination rates offered by VoIP networks. With minimal investment, operators can enter the clearinghouse business in a matter of months and harness not only great revenue opportunities and cost savings, but also create the foundation of the best-in-class transport network essential to effective global competition in the communications market of the future.