Samsung SDS is the South Korean tech giant’s IT services subsidiary. Official reports reveal that it has confirmed a partnership with Credorex, an Israel-based fintech and smart payments provider. According to a March 4 report from The Korea Herald, the two firms will work together to create a payment platform for the European banks and merchants.
Samsung SDS joins European markets
A part of the proposed solution will be developed mainly using Samsung SDS’ Nexledger Universal blockchain platform. Additionally, it will enable the merchants to automatically reconcile remittances, payments, and invoices with their available bank records.
This strategy will integrate into a payment platform that will be set up using Samsung SDS’ AI-based Brity Works. The platform is precisely designed to automate many work processes. It marks a segment of a planned push into the European markets by Samsung SDS as explained by the president and CEO, Hong Won-Pyo:
“Together with Credorax, which specializes in payment solutions; Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”
Zero-knowledge proofs increase privacy
According to previous reports, Samsung recently updated its Nexledger blockchain by integrating a zero-knowledge proof solution. That upgrade is meant for the provision of a higher level of privacy for the users by letting them record and validate transactions on a shared blockchain without disclosing any confidential data.
The advantages associated with this method should further enhance the platform to be developed with Credorex.