Mindtree introduces Blockchain-powered ‘Merchant On-Boarding’ solutions for Banks and Payment service providers

A Banglore-based technology service provider, Mindtree on Wednesday launched its new Blockchain-powered “Merchant On-Boarding” solutions for banks and payment service providers.

In a statement issued by the company, the Mindtree, said: “It new “Merchant on-Boarding” service, uses Hyperledger Fabric Blockchain technology, which will allow the financial institutions to facilitate credit card or digital payments more quickly, seamlessly and on-boarding merchants as customers more securely.”

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“The company will debut its “Merchant On-Boarding” solutions at PayThink 2019 on Sept 18-21, 2019 in Los Angeles, CA, U.S,” the company added.

Speaking on the service launch, Manas Chakraborty, Global head of Business, Financial Services, and Insurance for Mindtree, said: “The Financial institutions that process merchant transactions, need to strike a balance between growing their customer base and preventing fraudulent transactions.”

Further adding to the statement, he said, “As both the acquirer banks, and merchants are frustrated with the on-boarding process and want more transparency, more speed, and less time and effort. Blockchain offers an exciting opportunity to eliminate complexity. Mindtree’s Merchant On-Boarding solution eliminates the need for third-party verification each time a merchant is on-boarded and provides merchants with more insight into the process than ever before.”