Samsung SDS, a subsidiary of the Samsung group that provides information technology solutions and services announced a partnership with a provider of smart payment solutions based out of Israel, Credorex. This alliance is formed by Samsung to develop a smart payment platform in the European digital payment industry.
Samsung’s contribution in this collaboration will be its Nexledger Universal blockchain platform, which will be integrated into a payment platform built by Samsung’s Brity Works. Brity Works is an Artificial-Intelligence based solution that ensures the automation of several work processes. Nexledger is designed in such a way that it will let the users check bank statements against their accounting (to make sure that the payments match), and compare their bank records against their invoices and remittances. This platform will be developed to be used by merchants and banks.
The partnership with the Israeli company should make it easier for Samsung to make its product more acceptable by the local Europeans. This move should help Samsung to endure, facing the rising nationalism in Europe.
Since this solution includes the integration of Nexledger, it will be seen using the zero-knowledge proof protocol. Nexledger had recently updated its solution and added this protocol. The zero-knowledge protocol offers more confidentiality as it lets the users’ record and authenticate transactions, without conveying additional confidential information. Increased privacy will allow the companies to gain the trust of the banks and the merchants.
This collaboration is a planned move by Samsung to tap the European market. But how successful will they be? Will the European fintech market accept the product with open arms or will it be a failed attempt? Only time will tell. Fintecbuzz.com keeps a track of such latest news and information related to fintech from all over the world. To know more about what’s happening in the fintech industry, Fintecbuzz.com is the site to check out.