Mindtree launches blockchain novelty for banks

Mindtree announced on 18 September the release of its Merchant On-Boarding solution for acquirer banks and payment service providers.

Mindtree introduced itself as a global technology service and digital transformation company. Mindtree further added that it uses Hyperledger fabric blockchain technology to enable financial institutions. Such entities are enabled for a credit card or debit payments to transact more quickly. They are also empowered to securely onboard merchants as customers.

Manas Chakraborty, head of Banking, Financial Services and Insurance for Mindtree said – 

“Financial institutions that process merchant transactions need to strike a balance between growing their customer base and preventing fraudulent transactions. Both 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 onboarded and provides merchants with more insight into the process than ever before.”

Mindtree maintained that acquirer banks and payment service providers need to quickly onboard new merchants as customers. This requirement is to increase the volume of transactions they process and grow their business. Mindtree highlighted that on-boarding merchant that authorize illicit transactions results in charges and losses. In a bid to address such risks, institutions need technologies that can mitigate imminent fraud.

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Mindtree emphasized that onboarding merchants were a complex and risky process. The tech firm stated that the process involves significant diligence checks and third-party verification. Such measures are required to ensure merchants are not involved in fraud. Mindtree noted that its solution is designed to streamline the process using blockchain technology. Mindtree summarized by adding that the automated process also helps reduce operational costs.

The UAE’s Abu Dhabi Commercial Bank has digitized trade finance for its customers using a Singapore-based blockchain platform. The dltledgers added that the bank completed its first live trade in blockchain, moving goods from Canada to Bangladesh. The first bank was the first in the UAE to run detailed blockchain trade finance transaction.

OneConnect Financial Technology has partnered with UBX Philippines Corporation, the fintech subsidiary of Union Bank of the Philippines, to build the country’s first blockchain-enabled platform. OneConnect conveyed that this partnership was primarily to meet the banking needs of micro, small and medium enterprises. OneConnect highlighted that the partnership upholds both UBX and OneConnect’s dedication in accelerating digital transformation in the Philippines.