VoIP is the digitization and packetization of voice streams to run over an IP network. This can be accomplished by connecting a traditional PBX to a router to network voice between locations or by using an end-to-end IP Telephony infrastructure. IP Telephony involves a phone system which uses IP to transport voice streams, voice signaling, and enable advanced features such as call routing, voicemail, etc. VoIP uses IP to connect different systems. IP Telephony uses IP from the handset to the call processing system to other features such as voicemail and call center functionality as well as to connect different systems/locations.
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Brandon