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Some will give increased standing with the faction for the current system, others for the merchant guide.
So you picked and did a mission that gives increased standing in Merchant Guild.
I made this mistake too when I was doing this mission to increase my standing with a faction.
Not all missions at Korvax station are for the Korvax. Look at the icon/symbol to the left of each mission - that icon tells you which "faction" that mission will pertain. Besides missions, you can also raise your standing with the Korvax by giving a Korvax a Korvax casing.
Whenever you check the mission board, you will see missions for four different factions:
Explorers - the "compass" icon
Mercenaries - the "shield and sword" icon
Traders - the "coin" icon
The fourth faction will be one of the three races, determined by the dominant race in the system and denoted by their racial icon. This is displayed everywhere, but is quickly confirmed by the mission agent - the race of the agent is the faction of the system. If you're looking specifically for Korvax, make sure you're taking missions from a Korvax agent and that the missions show the Korvax icon.
You can also increase faction standing by giving found or purchased relics to a passing NPC. If you have a few collected of the same type, you sometimes find an NPC will accept more than one by continuing to interact with them and is an alternative to selling them for units if you are carrying excess.
In cabins on planets you might also increase faction standing interacting with kiosks on walls. Monoliths and ancient relics also reward standing with factions. In most cases you need to answer the questions NPCs ask correctly.