SS7 is an international telecommunications standard that defines how network elements in a public switched telephone network exchange information over a digital signaling network. It uses out-of-band signaling where control information travels on a separate dedicated channel rather than within the same channel as the call. This allows calls to be set up more efficiently and enables special services like call forwarding. The SS7 network consists of signaling points like SSPs, STPs and SCPs that exchange messages to set up and manage calls and services between network elements.