Mindtree releases merchant on-boarding solution for banks

The technology services company, Mindtree, on Wednesday, announced the release of its ‘merchant on-boarding solution' for acquirer banks and payment service providers. In order to enable financial institutions with that facilitate credit card or debit payments to more quickly, seamlessly and securely onboard merchants as customer it uses hyperledger fabric blockchain technology.

Acquirer banks and payment services need to quickly onboard new merchants as customers so that they can increase the volume of transactions they process and grow their business. On-boarding merchant is a complex and risk prone process, involving significant due diligence checks and third party verification to ensure merchants are not involved in fraud. To simplify and streamline this process Mindtree’s solution is architected using blockchain.

Mindtree Limited is an Indian multinational information technology and outsourcing company with annual revenue of US$ 1 billion. The company works in application development and maintenance, data analytics, digital services, enterprise application integration and business process management. It also provides various research and development services including bluetooth solutions, digital video surveillance.

On Wednesday, the stock of Mindtree limited opened at Rs. 686.00 per share and made an intraday high and low of Rs. 711.60 and Rs. 685.10 respectively on the BSE. The stock closed at Rs. 699.35, up by 2.77 per cent.