Samsung SDS forges partnership with Israel's Credorax to provide blockchain-based ledger solution

04, Mar. 2020

Image by cvkcvk from Pixabay
Image by cvkcvk from Pixabay

SEOUL, AJU - The European branch of Samsung SDS has forged a partnership with Credorax, an Israeli fintech company, to provide blockchain-based ledger and robotic automation solutions.

Samsung SDS, the IT wing of Samsung Group, said in a joint statement on Wednesday that it has signed a memorandum of understanding with Credorax, which provides an online payment processing and bank-related service for online merchants.

To improve its solutions and services, Credorax will use Nexledger, Samsung SDS' blockchain-based platform for enterprises, and Brity Works, an artificial intelligence-based conversational process automation 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," Credorax's chief technology officer Moshe Selfin said, adding his company would utilize Samsung SDS' Nexledger platform to optimize payment processing.

Nexledger was adopted in many industries to simplify documents and work processes using blockchain networks.

In September 2018, the Korea Customs Service (KCS) selected Samsung SDS as the main developer of a blockchain-based logistics platform to simplify customs clearance and prevent document forgery. By using Nexledger, all documents created during the customs process will be stored in virtual ledgers.