Posted 10 months ago | by Ben Armstrong

Samsung Partners with Credorax to Provide New Banking Services

Credorax, the Israel-based fintech offering smart payment solutions has partnered with Samsung to collaborate on the development of a Streamlined Account Reconciliation Solution.

The objective is to enable enterprises to deploy blockchain technology through the use of Samsung SDS’ Nexledger Universal.

Any clients would have access to user authentication management tools, point transactions, and timestamp standardized APIs.

With Samsung – Customization is Everything

The Nexledger Universal platform provides a unique opportunity for developers to customize their blockchain usage with the use of Application Programming Interfaces (APIs) which provide flexibility, speed, and ease of use.

According to Igal Rotem, the CEO at Credorax:

“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”.

The Nexledger Universal Platform

Since its release in 2019, Samsung’s platform has provided a wide variety of blockchain cores such as Ethereum and Hyperledger Fabric as well as their Nexledger Consensus Algorithm. Users can selectively enable the cores that fit their needs.

Samsung SDS has partnered with other companies in the past to offer the platform such as telecoms service provider Syniverse, Pega, and Korean authorities such as Customs and ABN AMRO.

New Banking For the 21st Century

Digitalization in banking has been on the rise in recent years with the increase in the use of services such as home banking and similar services from traditional banks, as well as the increasing number of Neobank’s users.

This digitalization process has increased with the recent COVID-19 epidemic as people have been forced or encouraged to stay at home and use digital services. This has resulted in a gain in traction around the globe for services that offer a high degree of services without physical branches

Is Blockchain-based Open Banking Coming?

The partnership between the tech giant Samsung and Credorax is proof of the increasing interest from big firms in investing in the decentralized platform and open solutions.

eCommerce, baking, and fintech have seen and taken advantage of this increasing interest and used that support to innovate and explore more opportunities in different markets.

Companies such as Credorax can offer a lot of insight into the average consumer’s needs as well as on the different areas of a business lifecycle. This insight is invaluable when it comes to improving the efficiency of the blockchains solutions existing at the time as well as bringing to light the potential revolution such solutions can initiate.

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