Mindtree launches blockchain-based merchant onboarding solution

Thursday 19 September 2019 13:36 CET | News

Mindtree has announced the release of its Merchant On-Boarding solution for acquirer banks and payment service providers.

The solution uses hyperledger fabric blockchain technology to enable these financial institutions that facilitate credit card or debit payments to securely onboard merchants as customers. The hyperledger fabric channel 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.

Onboarding merchants is a complex and risk-prone process, involving significant due diligence checks and third party verification to ensure merchants arent involved in fraud. Mindtrees solution is architected to streamline this process using blockchain technology. 

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.

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Keywords: Mindtree, merchants, onboarding, blockchain, due diligence
Countries: World


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