The Samsung’s enterprise technology arm SDS had signed a memorandum of understanding with Israeli fintech solutions provider Credorax to develop the solution, aimed to create efficiencies by automatically logging payments data on bank records and ledgers.
The proprietary blockchain first unveiled in 2017. The platform is based on a permissioned blockchain model. Which is typically composed of only trusted participants in order to block potential access from unspecified nodes whose trust is not guaranteed.
Additionally, in November 2019, Samsung SDS announced it would enhance privacy on Nexledger through a partnership with Israeli-based QEDIT to integrate zero-knowledge proofs into the platform. A medical-claims processing system built on top of the Nexledger platform launched at the end of last year.
The two companies will cooperate on Samsung SDS’ Nexledger Universal platform. On which they will develop a blockchain-based finance solution for bank and merchants. So that they can automatically reconcile payments, remittances and invoices with their bank records.
The partnership also aims to develop a payment platform using Samsung SDS’ Brity Works. Brity is the company’s AI-based solution designed to automate different work processes, it said.
“Together with Credorax, which specializes in payments solutions. Samsung SDS will try to expand its business in the European sectors that seek digital transformation,”. Said Hong Won-pyo, president and CEO of Samsung SDS, in a statement.
He added,” Credorax, which already provides solutions to companies across the European Union and broader economic area. This will enable the Korean tech company to gain a foothold in the region’s payments sector.”
Previously, Samsung SDS made changes to the company’s articles of association, to include re-financing among its business areas, According to coindesk blogpost, The company explained that the change was made to assist new platform-based financial businesses that use big data and to increase cooperation with other firms in the industry.