Merchant Onboarding
A blockchain platform built to streamline and automate processes involved during the onboarding of a merchant for both merchant and acquirer banks.
Merchants can scale their businesses only when they process more transactions for more customers; and for this they depend on an acquirer bank or a payment service provider (PSP). Similarly, for acquirer banks, onboarding merchants is the key to their growth. However, this is a complex and manual process, consuming a lot of time and effort. There is a lot of dependency on third parties for verifications, which is expensive for PSPs. All these issues together delay the onboarding process and make it tedious for both acquirer banks and merchants.
To smoothen this journey, Mindtree has built a platform using AI, RPA and blockchain technologies on a Hyperledger Fabric channel. This platform brings together acquirer banks, verifying agencies, prospective merchants and other stakeholders into a single ecosystem. This will help acquirer banks reduce the processing time and their dependency on third parties. Likewise, merchants will benefit from the fast and transparent onboarding process. It will enable all the stakeholders to share documents and data in a protected, private environment, and is a comprehensive solution that includes compliance management and automated underwriting and KYC processes. Once an acquirer onboards a merchant, the second acquirer can save the cost and time of repeating the verification process for the same merchant. The first acquirer will be able to earn revenue for sharing data with second acquirer.
Benefits
- Common platform for all stakeholders will eliminate most verifications
- Standardized processes across the industry
- Transparency at every step of the process
- Reduced dependency on agents or third parties
- Faster onboarding (~ 90% reduction in TAT)
- Huge savings by automating repetitive processes
- No repetitive spending for acquirers once a merchant is onboarded
- Elimination of human error through automation
- Less paperwork and documentation
- Decentralized data with approved access
- Improved data privacy and security
