Centralized Exchange

Also known as a Centrex. A type of business telephone service that is located in the telephone company’s central office, in which incoming calls are routed directly to user telephone sets, without involving the company’s Private Branch Exchange (PBX), and in which outgoing calls are aggregated.
PBX features that are delivered by a central office switch, including voice mail, transfer, forward, and local-extension dialing.
A service that is provided by central offices and provides a virtual PBX to a set of extensions. It offers features such as transfer, conference, and forward within that set of extensions.

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