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Inside Samsung’s Quest to Transform Payment Sector

The decentralized solution will use Samsung SDS’s Nexledger Universal blockchain platform to allow clients to automatically reconcile remittances, invoices, and payments with their bank records. The solution aims to develop efficiencies by automatically logging payment data on bank records and ledgers.
This solution will integrate into a payment platform, built using Samsung SDS’s Al-based technology, known as Brity Works, to automate various work processes. Based on this partnership, Samsung SDS is looking forward to entering the lucrative payments markets across Europe.

Hong Won-Pyo, Samsung SDS CEO and president, stated that the collaboration with Credorax, which already has offered solutions to firms across the wider European region, will enable the Korean tech giant to gain a foothold in the region’s payments sector. Hong Won-Pyo said: “Working in collaboration with Credorax, which specializes in providing payment solutions, will enable Samsung SDS to attempt to broaden its business in the European sectors that are in need to achieve digital transformation.”
Credorax works with e-commerce retailers and various merchants across the European Union and the European Economic Area.