Credorax, Samsung To Introduce Blockchain-Based Open Banking

Credorax, the smart payments provider and FinTech, has announced a partnership with Samsung to develop blockchain technology to offer open banking services, according to a press release.

The new partnership will combine “global open banking initiatives, Samsung SDS’ Nexledger Universal platform and Credorax’s industry expertise” in order to provide automatic payment reconciliation, remittances and invoices for B2B payments. The effect will be to eliminate the need for manual tasks for those functions.

The partnership will also implement the Samsung SDS Brity Works Robotic Process Automation (RPA) solution with the goal of reducing human error through automation.

By using the Nexledger Universal platform, businesses can customize their blockchain usage and find what fits them, using standard APIs for easy implementation, per the release. The Nexledger Consensus Algorithm will also make it possible for businesses to utilize different blockchain cores, like Hyperledger Fabric and Ethereum.

The Nexledger Universal platform will enable businesses to access common functions like user authentication management, point transactions and timestamp in standardized API format, letting the businesses track their finances and control target goals.

Credorax, appealing to both eCommerce and traditional brick-and-mortar institutions, aims to allow for less costly business through the use of smart contracts, open banking and PSD2 bank account APIs.

Credorax CEO Igal Rotem said 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 greatly impact how companies operate, 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 pandemic, which has seen people and businesses flocking to digital forms of financial services. Although digitized forms of banking will come with new regulatory stipulations and privacy concerns, it is rapidly taking off in Europe and starting to gain traction in the U.S.