Samsung SDS and Credorax join forces for cross-border payments initiative – BTCMANAGER

Samsung SDS, a subsidiary of the Samsung group focused on providing information technology and artificial intelligence (AI) solutions to its customers, has partnered with Credorax, a financial technology company based in Israel. Memorandum of Understanding Will Allow Both Companies to Develop Blockchain-Based Fund Transfer and Account Reconciliation Platform The Korea Herald March 4, 2020.

Simplify payments for banks with Blockchain technology

In an effort to eliminate some of the payment problems plaguing businesses in today’s economy, Samsung SDS and Credorax have signed a memorandum of understanding that will allow them to leverage each other’s technology for develop a financing solution based on distributed ledger technology (DLT).

Through sources close to the issue, the new alliance will allow the team to leverage Samsung SDS ‘Nexledger Universal platform to develop a blockchain-based system that will allow banks, merchants and other financial institutions to settle automatically payments, invoices and remittances with bank registers.

In this way, the users of the system will no longer have to reconcile the accounts manually and the partnership also aims to integrate the Brity Works RPA solution from Samsung SDS into Credorax, in order to improve the latter’s solution for managing the chargebacks.

Eliminate bottlenecks

Credorax provides payment services to merchants and e-commerce platforms in the European Union and the European Economic Area, enabling them to reduce the cost of their activities, while streamlining accounting, whatever the sector or type connectivity.

Credorax uses open banking, smart contracts and PSD2 bank access APIs to help customers simplify and speed up account reconciliation.

Commenting on the partnership, Igal Rotem, CEO of Credorax, noted that the collaboration with Samsung SDS is an avant-garde approach, because it will allow the two companies to use their technologies and their expertise to eliminate bottlenecks in the financial ecosystem.

“Our goal is to enable global, cross-border and multi-channel commerce in all areas of the business lifecycle, from customer experience to back-office efforts. Open Banking will continue to have a significant impact on business operations and our partnership with Samsung SDS will use this cutting edge technology to solve key issues affecting B2B payments, back office operations through the integration of the Samsung SDS blockchain solution with our regulations and our system reconciliation.“

In related news, earlier in January 2020, BTCManager informed Samsung SDS has partnered with Syniverse, a telecommunications services company, to launch a blockchain-based payment system to facilitate frictionless mobile payments.