This service as a product is now named Microsoft Phone System Voicemail.
The works with Skype for Business and Teams in the following setups with either PSTN Calling (Microsoft cloud based PSTN) or PSTN Hybrid Voice (PSTN On-Premise)
Calling Plan Hybrid Voice (PSTN On-Prem) Skype for Business YES YES Teams YES NO
Next, we need to consider the correlation with Exchange UM and Phone System Voice Mail.
Voicemail Option with Skype for Business and Teams
Exchange UM Phone System Voicemail
Exch UM On-Premise Exch UM online User Mbx homed Exch On-Premise