There are many vocoders, differing by the amount of bandwidth they consume, the voice quality they produce, their resiliency to network impairments and license model (free or royalties based) for using them. See a list of the most common VoIP Codecs.
An SBC may receive one vocoder on one side of the call and need to convert it to another vocoder on the other side of the call. This conversion is called transcoding. A common example would be an enterprise with an IP-PBX system supporting G.711 (a coder type), where the service provider SIP trunk supports G.729.
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