Mindtree Launches Blockchain-Powered Merchant On-Boarding Solution for Banks

Platform uses Hyperledger technology to create a seamless, secure
on-boarding experience

Warren, New Jersey and Bangalore, India (ots/PRNewswire) -
Mindtree (http://www.mindtree.com/), a 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 results 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 On-boarding 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.

"Financial institutions that process merchant transactions need to
strike a balance between growing their customer base and preventing
fraudulent transactions," said Manas Chakraborty, global head of
Banking, Financial Services and Insurance for Mindtree. "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."

About Mindtree

Mindtree [NSE: MINDTREE] is a global technology consulting and
services company, helping enterprises marry scale with agility to
achieve competitive advantage. 'Born digital', in 1999 and now a
Larsen & Toubro Group Company, Mindtree applies its deep domain
knowledge to 350+ enterprise client engagements to break down silos,
make sense of digital complexity and bring new initiatives to market
faster. We enable IT to move at the speed of business, leveraging
emerging technologies and the efficiencies of Continuous Delivery to
spur business innovation. Operating in more than 15 countries across
the world, we're consistently regarded as one of the best places to
work, embodied every day by our winning culture made up of 21,000
entrepreneurial, collaborative and dedicated "Mindtree Minds."

All product and company names herein may be trademarks of their
registered owners.

For more information, contact:
INDIA
Rahul Nag
Mindtree Ltd
+91-9910709833
Rahul.Nag@mindtree.com

UNITED STATES
Erik Arvidson
Matter
+1-978-518-4542
mindtree@matternow.com

EUROPE
Susie Wyeth
Hotwire
+44-20-7608-4657
susie.wyeth@hotwireglobal.com

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