An Israeli fintech bank partners with Samsung SDS to provide blockchain-based solutions for businesses
Credorax Bank of Israel announced a new partnership with Samsung SDS Europe. The two companies will collaborate in the development of blockchain-based solutions for bank customers.
One of the main results of the new partnership will be an account reconciliation platform based on the ledger. In addition, Credorax will use the Samsung SDS Robotic Process Automation solution called Brity works for financial services.
Memorandum of understanding in the blockchain industry
The agreement of association between Samsung SDS Europe (SDSE) and Credorax is a Memorandum of Understanding (MoU) to develop new services. There will also be a shared initiative to support the agreement.
Samsung SDS will provide its accounting platform called Nexledger Universal for the association with Credorax. Therefore, the Israeli bank that uses the platform and its experience in the financial technology industry will develop the new account reconciliation platform. The new platform will eliminate the use of old manual reconciliation methods for payments and accounts.
Brity Works is the other Samsung SDS 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 schema systems», says Credorax in a press release.
Both Crerorax and Samsung SDS managers believe that the new partnership will have benefits for businesses and the fintech industry in general.
«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 midst of great change», said Jongcheel Im, president of Samsung SDS Europe.
Igal Rotem, CEO of Credorax believes that the new partnership will have benefits for its customers in all aspects of the industry:
«Our goal is to allow global, cross-border and multichannel commerce in all areas of a company's life cycle, from customer experience to back-office efforts», said.
Credorax is a merchant acquiring bank that provides cross-border acquisition services to global merchants. He claims to use technology as a basis for activities to provide modern and efficient services to customers around the world.
