Samsung Conquers EU Market With Blockchain-Based Solution For Merchants and Banks

South Korean tech giant and leading performer of IT enterprise solutions worldwide  Samsung SDS had signed a memorandum of understanding with Israeli fintech solutions provider Credorax to develop the innovative blockchain-based solution that will increase banking services effectiveness. This solution will automatically log payment data on bank records and ledgers.

According to the agreement, companies will work together on the elaboration of an optimal solution for banks and merchants based on blockchain technology. The solution will implement Samsung SDS' Nexledger Universal blockchain platform. One of the core functions of this program will be the automatic reconciliation of payments, remittances, and invoices with their bank records.

Samsung SDS CEO Won-Pyo Hong  believes that their partnership with Credolax will help Samsung SDS to expand its business to the new markets, such as the European banking sector that requires digital transformation.

Becoming more and more interested in the implementation of blockchain technology to effective business solutions, Samsung Venture Investment Corp has become one of the investors in the blockchain startup Digital Asset. Samsung SDS has recently made several changes to the company's articles of association in order to include e-financing among its business areas.