The company established a partnership with the Israeli company Credorax, intending to develop this project.
A special team of the South Korean technology company Samsung is working on creating a blockchain-based payment system that could benefit the European Union (EU) banking and merchants across the continent. The company’s Business Technology Division is responsible for the technological solution.
Samsung established an alliance with Credorax, a fintech company of Israeli origin. The Korean media recently reported through a memorandum of understanding that said multinational established a set of measures for the development of the tool.
According to the information, the solution seeks to register more effectively all information and data related to payments and operations in EU banking. The developers also expect to get the information processed instantly in the accounting books.
Among some aspects that are known to date, the tool will be based on Nexledger Universal, the blockchain platform of Samsung SDS. It was also confirmed that technology created by Brity Works is incorporated into the project.
All of this will allow processing payments immediately as well as to make possible system automation. Brity Works is a Samsung affiliate company that pays special attention to Artificial Intelligence (AI) and currently it is working with blockchain technology.
Although the name of the payment system will not be known until now, some experts conclude that the launch of this solution is an essential part of the company’s plans for the European economic sector.
In this way, the president and CEO of Samsung SDS, Hong Won Pyo, said that the alliance with Credorax will bring a valuable opportunity for the company, which seeks to establish its brand in the payment area of Europe.
“Together with Credorax, which specializes in payment solutions, Samsung SDS will try to expand its business in the European sectors that seek digital transformation”, Won Pyo said.
Credorax has already had important links with financial and technological companies in the European Union, managing to implement its work with renowned actors in the region’s economy. The company founded in 2007 has managed to establish its services in countries such as China, Australia, and the United States of America.
At the beginning of the current year, Samsung SDS changed its original concept to include finance among its areas, using different kinds of technology. Finally, it placed the financial negotiations as the main axis among its business with the use of technology, which led to these important changes. Besides, Samsung SDS achieved a wide growth within the technology companies worldwide.
Im Soo Hyun, Director of Strategies, mentioned that the company achieved “the successful foray into the field of Artificial Intelligence and blockchain technology”.
This is not the only alliance that the company has established to expand its ranks and growth. At the end of 2019, Samsung SDS published its partnership with the Israeli-based company QEDIT. The idea is to improve privacy and security for its Nexledger platform.
Besides, at the end of last year, Nexledger launched a system that helps register medical claims within the platform. In this way, blockchain continues showing it could be present in different fields of daily life.
By María Rodríguez