Samsung SDS signs deal with Israel’s Credorax

Samsung SDS will supply blockchain technology to Israel’s Credorax, the Korean company said Wednesday.

Samsung SDS is an IT solution provider that started out as a provider for Samsung companies. It is currently pushing for business with external clients.

Credorax is a fintech company that specializes in cross-border online payments for merchants. It is present in Europe and in the United States, Japan, China and other countries.

Under an agreement signed Wednesday, Samsung will provide its Nexledger Universal enterprise blockchain platform to enhance security, processes speed and the reliability of Credorax’s payment platform.

Credorax will also adopt Samsung’s Brity office solution for its accounting and overall business processes to increase efficiency and automation at work, Samsung said.

Brity Works is currently used by more than 30 or so companies to keep track of inventory, customer service and sales.

“The two will explore new business opportunities in e-commerce, banking and fintech in general,” Samsung said in a statement.

“We will expand digital transformation business for our global corporate customers by actively targeting the European market together with Credorax, which has an expertise in account reconciliation and payment,” said Hong Won-pyo, Samsung SDS president and CEO.

“We expect to solve key challenges with B2B [business-to-business] payments, back-office operations, and accounting by integrating Samsung SDS’s mature blockchain platform and RPA [robotic process automation] solutions with our settlement and reconciliation solution,” Igal Rotem, CEO of Credorax, said.

BY SONG KYOUNG-SON [song.kyoungson@joongang.co.kr]