Credorax, an Israel-based fintech and payments firm, has signed an agreement with Samsung SDS Europe to develop a distributed ledger-based platform that helps automate account reconciliation for banks and merchants. 

The companies also agreed to collaborate on Brity Works, which is Samsung SDS's Robotic Process Automation solution for financial services. 

"When it comes to digital payments and banking, it's all about speed, security, simplicity, reliability and cost-effectiveness," Jongcheel Im, president of Samsung SDS Europe, said in a company release. "Merchants and banks still have to do a lot of manual work these days to reconcile and manage payments and accounts, resulting in very inefficient and slow processes."

Credorax works with merchants and e-commerce retailers across the European Union and the European Economic Area. 

"Our goal is to enable global, cross border, multi-channel commerce across all areas of a business' lifecycle, from customer experience to back-office efforts," Igal Rotem, CEO of Credorax said in the release.