Blockchain for Banking News

Samsung SDS to integrate blockchain with Credorax account reconciliation solution


Today, Samsung SDS announced a partnership with Israel-based fintech and payments firm Credorax to collaborate on enterprise blockchain and Robotic Process Automation (RPA) based account reconciliation platform business. The two will work on business opportunities targeting e-commerce, banking, and fintech in the European market. 

Credorax is a licensed acquiring bank that provides solutions for credit card payment processing to e-commerce and omnichannel merchants. The company has a presence in over 30 European countries, the United States, Japan and China. The firm aims to leverage Samsung’s Nexledger Universal blockchain platform to improve efficiency, security and speed of its account reconciliation platform. 

Nexledger Universal offers a standardized service API that integrates with the in-house Nexledger Consensus Algorithm (NCA) and other blockchain technologies, including Hyperledger Fabric and Ethereum. Samsung SDS also provides tools and services to deploy blockchain solutions using its Nexledger platform and has worked with several industries in the past. 

Meanwhile, Samsung will also apply its AI-based robotic process automation (RPA) solution, Brity Works, to Credorax’s account reconciliation platform, accounting system and other business processes for automation. Currently, Brity Works is deployed by 30 companies, including Samsung Electronics, Samsung Securities and Suhyup Bank, and ETLAND. 

“We expect to solve key challenges with B2B payments, back-office operations, and accounting by integrating Samsung SDS’s mature blockchain platform and RPA solutions with our settlement and reconciliation solution,” said Igal Rotem, CEO of Credorax. 

Over the past year, Samsung SDS has entered into several partnerships to offer its Nexledger Universal platform to companies.

Two months ago, Samsung SDS said it was working with telecoms service provider Syniverse on a blockchain-based mobile payments platform. The duo said Nexledger Universal would work in tandem with Syniverse’s blockchain solution Universal Commerce for clearing and settlement. 

Last year, the Korean firm said it was working with RPA solutions provider Pega to integrate Nexledger with the Pega Platform. Tech Mahindra facilitated the technical know-how due to its previous relationship with Nexledger. 

More recently, Samsung SDS launched a blockchain-based medical insurance claims processing platform. 

Meanwhile, Samsung SDS has previously worked with Korean customs for blockchain, and with ABN AMRO for the trade finance project DELIVER.

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