Blockchain-powered solution for banks
Software services firm Mindtree has rolled out its merchant onboarding solution for acquirer banks and payment service providers.
The solution uses hyperledger fabric blockchain technology, which helps financial institutions to create a secure onboarding experience, the Bengaluru-based firm said in a statement.
Acquirer banks, financial institutions that process transactions on behalf of a merchant, need to quickly onboard new merchants as customers. Mindtree says that this on-boarding process is complex and comes with several risks. Third parties are usually consulted for customer verifications and to ensure that the merchants are not involved in any fraud.
The new solution uses blockchain technology to accelerate this process. The automated process also helps reduce operational costs and improves quality control using standardised global best practices, it added.
“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 onboarding 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,” said Manas Chakraborty, global head, BFSI for Mindtree.
The merchant onboarding solution is developed on a hyperledger fabric channel, which is a private distributed ledger framework for communication between members for all merchants. The channel ensures secure and private sharing of document approval and information between the parties.
The company plans to unveil the new solution at PayThink 2019 on 18-21 September 2019 in Los Angeles, California.
Mindtree rolls out InnoApp for Kubernetes for faster deployment of cloud applications on Microsoft Azure
Mindtree has also launched a new service, InnoApp for Kubernetes.
The new service will help enterprises deploy containerised cloud applications on Microsoft Azure, the company said in a statement. The process will in turn help accelerate application set up and innovation.
Kubernetes is an open-source platform that automates container operations.
Developers use containers and container orchestration to develop and deploy cloud native workloads. Governance issues around architecture, operations, policies, and security are the biggest challenges that architects and developers face while deploying these workloads.
Mindtree claims the new solution simplifies the process for clients to launch containerised application workloads on Microsoft Azure Kubernetes Service.
The underlying platform for InnoApp for Kubernetes offers ready to use, industry-proven infrastructure-as-code templates to accelerate app modernisation for enterprises, Mindtree said.
“Customers are interested in the potential for orchestration engines like Kubernetes to help accelerate application development while handling the compliance and security aspects. As cloud platforms are evolving, InnoApp for Kubernetes provides the pathway to help clients accelerate their multi-cloud container strategy using the Azure platform,” said Manoj Karanth, global head of Cloud, Mindtree.
“Microsoft Azure Kubernetes Service is the next wave of application suite modernization and an important initiative for Microsoft. We’re pleased to see Mindtree continue with its commitment to providing solutions on today’s latest technologies,” said Gabe Monroy, partner programme manager, Azure container compute at Microsoft Corp.