The rapid emergence of different services and the evolution of network elements are driving a paradigm shift in the telecommunications industry. Faster and accurate collection, correlation and delivery of data have become vital for successful billing and rating. The convergence has triggered a major growth in the number and types of services and accelerated the emergence of network technologies. These have paved the way for completely convergent mediation solution that can accommodate the innumerable services that will be rolled out in the near future. It will also help the operators to achieve their goal of winning over competition and ensure profit.