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- On March 3, 2020, Samsung SDS signed a memorandum of understanding (MoU) with Credorax associate on blockchain and RPA based account reconciliation platform business.
- This collective initiative along with the MoU will influence global Open Banking initiatives, Samsung SDS’s Nexledger Universal platform, and Credorax’s industry expertise.
- The proven features of blockchain along with the flexibility of Nexledger Universal and Credorax will setup the pillar for future digitization of the market.
Today, a fully-authorized fintech bank and also, a smart payment provider Credorax, joins hand with Samsung SDS Europe (SDSE) to kick off the European market.
On March 3, 2020, Samsung SDS signed a memorandum of understanding (MoU) with Credorax associate on blockchain and RPA based account reconciliation platform business.
Additionally, the MoU pointed out the purpose to collaborate on and implement Samsung SDS’s Robotic Process Automation (RPA) solution, Brity Works for financial services.
This collective initiative along with the MoU will influence global Open Banking initiatives, Samsung SDS’s Nexledger Universal platform, and Credorax’s industry expertise.
This integration offers a solution that automatically resolves payments, invoices with bank records and remittances by eliminating manual account resolution.
Credorax, an Israel based fully-licensed fintech bank and is also a smart payment provider of solutions and services. It provides cross-border transactions and payment processing for eCommerce and omnichannel merchants.
Credorax serves more than 30 European countries including the United States, China, and Japan.
By applying Samsung SDS’s enterprise blockchain platform, Nexledger Universal, Credorax will plan to strengthen transaction processing speed, security, and consistency of its account reconciliation platform.
The MoU will work on the area of improvement of Credorax’s refund management solution with the combination of Samsung SDS Brity Works RPA, which eliminates human error by automating processes without assimilating with card scheme systems.
During the press release, the President of Samsung SDS Europe, Jongcheel Im addressed that when we talk about banking and digital payments, we are concerned about speed, security, simplicity, reliability, and cost-effectiveness.
The banks still do a lot of manual work to manage and resolve payments and accounts which proves incompetent and slow process. The proven features of blockchain along with the flexibility of Nexledger Universal and Credorax will setup the pillar for future digitization of the market.
Going further in this conference, the CEO of Credorax Igal Rotem notified that integrating with Samsung SDS’s mature blockchain platform and RPA solutions, with Credorax’s settlement and reconciliation solution, they expect that the challenges finding with back-office operations, B2B payments, and accounting will be resolved to its extent.
