Today, leading smart payments provider and fintech bank, Credorax, and global leader in digital transformation and innovation solutions, Samsung SDS Europe (SDSE), announced the signing of a memorandum of understanding (MoU) to develop and bring to market Credorax’s fully automated, distributed ledger-based account reconciliation platform.
The MoU additionally marks the intention to collaborate on and implement Samsung SDS's Robotic Process Automation (RPA) solution, Brity Works for financial services.
The MoU and shared initiative will leverage global Open Banking initiatives, Samsung SDS's Nexledger Universal platform, and Credorax’s industry expertise to provide a solution that will automatically reconcile payments, remittances, and invoices with bank records, resulting in the elimination of manual account reconciliation. The MoU also aims to improve Credorax’s chargeback management solution through the integration of Samsung SDS Brity Works RPA, which reduces human error by automating processes without the need to integrate with card scheme systems.
"When it comes to digital payments and banking it's all about security, speed, simplicity, reliability and cost-effectiveness,” said Jongcheel Im, President of Samsung SDS Europe. “Merchants and banks still have to do a lot of manual work these days to reconcile and manage payments and accounts resulting in very inefficient and slow processes. The proven attributes of blockchain along with the scalability and flexibility of Nexledger Universal and Credorax's strong industry expertise builds the foundation for further digitization of the market. By combining our leading Samsung SDS technology with Credorax's innovative platforms and industry knowledge, we can foster digital transformation in the industry that is in the middle of a big change.”
Samsung SDS's Nexledger Universal allows enterprises to selectively deploy the blockchain technologies that fit their business and IT needs with speed, ease and flexibility through standardized APIs. In addition to the proprietary Nexledger Consensus Algorithm, the Nexledger enterprise blockchain platform provides a wide variety of blockchain cores including Hyperledger Fabric and Ethereum. Nexledger Universal provides frequently used blockchain functions including user authentication management, point transactions and timestamp in standardized API format. This empowers businesses to be more effective when developing target services. The platform provides powerful blockchain monitoring to allow strict node access control and enables blockchain and performance monitoring via a dashboard.
Credorax processes payments across the EU and EEA and offers products and solutions to eCommerce and brick-and-mortar merchants. Consistently developing new solutions, Credorax's platform will simplify and accelerate account reconciliation by relying on Open Banking and PSD2 bank account access APIs and leveraging smart contracts. In a world of real-time payments, Credorax’s solution reduces the cost of doing business and streamlines accounting, regardless of industry or connectivity type.
"Our goal is to enable global, cross-border, multichannel commerce across all areas of a business’s lifecycle, from customer experience to back-office efforts,” said Igal Rotem, CEO of Credorax. “Open Banking will continue to greatly impact how companies operate and our collaboration with Samsung SDS will leverage this cutting-edge technology to solve key challenges with B2B payments, back-office operations, and accounting through integrating their mature blockchain platform with our settlement and reconciliation solution.”
“As a smart payments provider, we strive to be as flexible and agile as possible to meet the dynamic needs of our customers, and this partnership will enable us to do just that,” said Moshe Selfin, CTO and COO of Credorax. “Samsung SDS’ Nexledger Universal platform is the perfect complement to our own technology and expertise, and we are excited to embark on this mission with them to optimize merchant payment processing.”