Samsung Partners With Israeli Fintech on Blockchain Solution for Merchants
Samsung SDS is making moves into the European market, with a blockchain-based payments solution for merchants.
Samsung SDS, the South Korean tech giant’s IT services subsidiary, has just announced a partnership with Israel-based fintech and smart payments provider Credorex. According to a report from The Korea Herald, March 4, the two companies will collaborate to develop a payment platform for European merchants and banks.
Samsung SDS pushes into European markets
One part of the proposed solution will be developed using Samsung SDS’ Nexledger Universal blockchain platform and will allow merchants to automatically reconcile payments, remittances and invoices with their bank records.
This will integrate into a payments platform, built using Samsung SDS’ AI-based Brity Works, which is designed to automate various work processes.
The move marks part of a planned push into European markets by Samsung SDS, as president and CEO, Hong Won-pyo explained:
“Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”
Zero-knowledge proofs give added privacy
As Cointelegraph reported, Samsung recently updated its Nexledger blockchain by integrating a zero-knowledge proof solution.
The upgrade intends to provide a higher level of privacy for users, by allowing the recording and authentication of transactions on a shared blockchain without disclosing confidential data.
The benefits of this should further enhance the platform to be developed with Credorex.