<s>
Voice	B-Protocol
peering	I-Protocol
,	O
also	O
called	O
VoIP	B-Application
peering	O
,	O
refers	O
to	O
the	O
forwarding	O
of	O
calls	O
from	O
one	O
ITSP	B-Protocol
to	O
another	O
ITSP	B-Protocol
directly	O
using	O
VoIP	B-Application
technology	O
.	O
</s>
<s>
The	O
call	O
is	O
not	O
forwarded	O
over	O
the	O
PSTN	O
and	O
this	O
leads	O
to	O
costs	O
savings	O
(	O
no	O
call	O
charges	O
)	O
and	O
better	O
quality	O
because	O
there	O
is	O
no	O
transcoding	B-Algorithm
between	O
the	O
VoIP	B-Application
cloud	O
and	O
the	O
PSTN	O
,	O
and	O
then	O
back	O
from	O
the	O
PSTN	O
to	O
the	O
next	O
VoIP	B-Application
cloud	O
.	O
</s>
<s>
VoIP	B-Application
peering	O
may	O
occur	O
on	O
Layer	O
2	O
basis	O
,	O
i.e.	O
</s>
<s>
Voice	B-Protocol
peering	I-Protocol
can	O
occur	O
on	O
a	O
bilateral	O
or	O
multilateral	O
basis	O
.	O
</s>
<s>
Standards	O
on	O
Multilateral	O
,	O
layer	O
5	O
peering	O
are	O
under	O
development	O
by	O
the	O
IETF	O
working	O
group	O
on	O
VoIP	B-Application
Peering	O
,	O
SPEERMINT	O
.	O
</s>
