Mindtree, global technology services and digital transformation company, today announced the release of its Merchant On-Boarding solution for acquirer banks and payment service providers. It uses Hyperledger fabric Blockchain technology to enable these financial institutions that facilitate credit card or debit payments to more quickly, seamlessly and securely onboard merchants as customers. Mindtree will debut its Merchant On-Boarding solution at PayThink 2019 on September 18-21, 2019 in Los Angeles, CA.
Acquirer banks and payment service providers need to quickly onboard new merchants as customers so that they can increase the volume of transactions they process and grow their business. However, on-boarding questionable merchants that authorize fraudulent transactions result in charges and losses that impact the bottom line. These institutions urgently need technologies that can mitigate risk and help them comply with regulations such as anti-money laundering, Know Your Customer and Know Your Customer’s Customer.
On-boarding merchants is a complex and risk-prone process, involving significant due diligence checks and third-party verification to ensure merchants aren’t involved in fraud. Mindtree’s solution is architected to simplify and streamline this process using Blockchain technology. The automated process also helps reduce operational costs and improves quality control using standardized global best practices.
Mindtree’s Merchant Onboarding solution is developed on a Hyperledger fabric channel – which is a private distributed ledger framework for communication between members for all merchants that ensures secure and private sharing of document approval and information between all dependent stakeholders. Blockchain offers capabilities to enable transactions to be authenticated and authorized, securely and transparently. This ensures that data is transmitted within a secure network and accelerates information sharing across all parties, ensuring data is protected.