Samsung SDS Ties with Credorex to Tap into EU Payments Market

Samsung SDS, the IT services subsidiary of the South Korean giant, partnered with Credorex, an Israel-based fintech and smart Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term provider, to tap into the European payments market.

As reported by The Korea Herald on Wednesday, the two companies will cooperate in developing a blockchain-based finance solution for banks and merchants. Based on Samsung SDS’ Nexledger Universal, the decentralized solution will allow its clients to automatically reconcile payments, remittances, and invoices with their bank records.

With this partnership, the electronics giant is eying to enter the lucrative payments markets of the European Union (EU) and European Economic Area (EEA).

Explaining the nature of the partnership, Hong Won-pyo, president and CEO of Samsung SDS, told the local publication: “Together with Credorax, which specializes in payments solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation.”

In addition to the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term platform, the two partners will also automate the payments process leveraging artificial intelligence (AI) using Samsung SDS’ Brity Works platform.

A planned move to enter into a lucrative business

The regulatory filings of Samsung SDS on February 18 also show that the company has made changes to its articles of association, to include e-financing among its business areas. It explained that the change was made to assist new platform-based financial businesses that use big data and to increase cooperation with other firms in the industry.

Meanwhile, Samsung is also diving more and more into the blockchain arena. Its flagship phones already support decentralized apps, building a mobile-based blockchain ecosystem. The company also has stakes in multiple blockchain startups, including hardware wallet maker Ledger.