Wednesday, March 4, 2022

Israeli fintech bank partners with Samsung SDS to provide blockchain-based solutions for merchants

Credorax Bank of Israel announced a new partnership with Samsung SDS Europe. The two companies will collaborate in developing blockchain-based solutions to the bank’s customers.

One of the major outcomes of the new partnership will be a ledger-based account reconciliation platform. Besides, Credorax will use the Samsung SDS Robotic Process Automation solution dubbed Brity Works for financial services.

Memorandum of Understanding in the blockchain industry

The partnership agreement between Samsung SDS Europe (SDSE) and Credorax is a Memorandum of Understanding (MoU) to develop new services. There will be a shared initiative to support the agreement, too.

Samsung SDS will provide its ledger platform named Nexledger Universal for the partnership with Credorax. So the Israeli bank using the platform and its expertise in the fintech industry will develop the new account reconciliation platform. The new platform will eliminate using old manual reconciliation methods for payments and accounts.

Brity Works is Samsung SDS’s other solution that is the subject of the new partnership with Credorax. This automation tool will be integrated into the Credorax platform to improve the chargeback management solution. The integration will “reduce human error by automating processes without the need to integrate with card scheme systems”, claims Credorax in a press release.

Both Crerorax and Samsung SDS managers believe the new partnership will have benefits for companies and the fintech industry as a whole.

“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”, said Jongcheel Im, President of Samsung SDS Europe.

Igal Rotem, CEO of Credorax believes the new partnership will have benefits for their customers in all aspects of the industry:

“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,” he said.

Credorax is a Merchant Acquiring Bank that provides cross-border Acquiring services to global merchants. It claims to use technology as a base for activities to provide modern and efficient services to customers all over the world.

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