Samsung SDS and Credorax to launch DLT account reconciliation platform

Written by Ruby Hinchliffe
4th March 2020

Samsung SDS, the enterprise IT solution arm of tech giant Samsung, has announced it’s teaming up with Credorax, a licensed merchant acquiring bank based out of Israel, to create an automated distributed ledger-based (DLT) account reconciliation platform for Europe’s financial institutions (FIs).

Credorax will offer its “industry expertise”, says Samsung SDS

In a bid to get rid of manual account reconciliation, the companies’ main aim is to help merchants and banks be more efficient in how they manage payments. “Merchants and banks still have to do a lot of manual work these days to reconcile and manage payments and accounts resulting in very inefficient and slow processes,” says Samsung SDS Europe’s president Jongcheel Im.

“The proven attributes of blockchain […] builds the foundation for further digitisation of the market,” he adds. The companies say the decision to team up was driven in part by the open banking wave across the continent, which has already seen an array of offerings launch to help merchants with their business-to-business (B2B) payments, back-office operations and accounting.

Samsung SDS’s Nexledger Universal platform will form the basis of the new DLT platform, along with the “industry expertise” of Credorax. “Our goal is to enable global, cross-border, multichannel commerce across all areas of a business’ lifecycle, from customer experience to back-office efforts,” says Credorax’s CEO Igal Rotem.

The partnership will also see Samsung SDS’s robotic process automation (RPA) solution Brity Works developed so it can specifically serve the financial sector. The RPA product is a conversational AI assistant which helps workers with repetitive tasks, running them in the background once it is given the correct human orders.

Credorax will also implement Brity Works into its chargeback management solution as part of the agreement.