Credorax, Samsung to Introduce Blockchain-Based Open Banking

Credorax, Samsung to Introduce Blockchain-Based Open Banking

Blockchain
June 11, 2020 Komal Joshi
301
Credorax, the smart payments provider and FinTech, has declared association with Samsung to develop blockchain technology to provide open banking services, according to a press release. The new collaboration will join “global open banking initiatives, Samsung SDS’ Nexledger Universal platform, and Credorax’s industry expertise” to offer automatic payment reconciliation, remittances, and invoices for B2B payments.
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Credorax, the smart payments provider and FinTech, has declared association with Samsung to develop blockchain technology to provide open banking services, according to a press release. The new collaboration will join “global open banking initiatives, Samsung SDS’ Nexledger Universal platform, and Credorax’s industry expertise” to offer automatic payment reconciliation, remittances, and invoices for B2B payments. The outcome will be to reduce the requirement for manual tasks for those functions.

The collaboration will also achieve the Samsung SDS Brity Works Robotic Process Automation (RPA) solution to reduce human error through automation. By utilizing the Nexledger Universal platform, businesses can customize their blockchain usage and discover what fits them, utilizing standard APIs for easy implementation, as per the release. The Nexledger Consensus Algorithm will also allow businesses to use different blockchain cores, such as Hyperledger Fabric, and Ethereum.

The Nexledger Universal platform will allow businesses to obtain common functions such as point transactions, user authentication management, and timestamp in standardized API format, enabling the companies to track their finances and control target goals. Credorax, fascinating to both eCommerce and conventional brick-and-mortar institutions, intends to provide for less costly business by the use of smart contracts, open banking, and PSD2 bank account APIs.

Credorax CEO Igal Rotem said that the point was to “enable global, cross-border, multi-channel commerce across all areas of a business’ lifecycle, from customer experience to back-office efforts,” according to the release.

“Open banking will continue to impact how companies operate greatly, and our collaboration with Samsung SDS will leverage this cutting-edge technology to solve key challenges with B2B payments, back-office operations, and accounting through integrating their mature blockchain platform with our settlement and reconciliation solution,” Rotem was quoted as saying.

Digitization in banking is on the rise due to the outbreak of the pandemic, which has seen people and businesses thronging to digital forms of financial services. Although digitized forms of banking will appear with new regulatory stipulations and privacy concerns, it is immediately taking off in Europe and commencing to obtain traction in the U.S.

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