Fastrack Merchant On-boarding

On-board your merchants within seconds

Comment

Inspiration

============== Merchant onboarding today is a highly manual process involving multiple entities with little visibility in the onboarding process. The major pain points are listed below:

● The process can take more than 20 days. ● Lack of trust and hence there is a sizable investment in outside agencies to execute third-party verifications. ● Fickle businesses such as restaurants and e-commerce sites present high risks. ● There is no standardized system to ensure vendors comply with regulations such as anti-money laundering, Know Your Customer, and Know Your Customer's Customer.

But the biggest hurdle? This problem is global, and yet no one wanted to create the platform to solve it.

What it does

================ That is, until Mindtree revolutionized the merchant onboarding process with a new blockchain & AI with RPA -powered platform that introduces a fast, seamless system for acquirer banks and payment service providers to engage with new businesses.

Value Propositions:

  1. Reduced Merchant On-boarding time to nearly zero
  2. Higher visibility to all parties in any process transaction
  3. Eases Merchant on-boarding process
  4. Standardized AML & KYC process using Digital Trust
  5. Increased cost savings due to automation (AI & RPA)
  6. Merchant discretion & consent is a priority (supporting digital trust)

How I built it

============= We built this solution using following technologies: • Hyperledger Fabric 2.2 (1 node for all Merchants, 1 node for Fake Bank Simple (Acquirer Bank), 1 node for First Bank(bank statement verifier bank) & 1 node for verification agency who will verify Business Registration Certificate). The system also allows configurable approval stages along with task management capabilities. • AI model & RPA bots • Document storage - IPFS DB + Keycloak for session security • Azure Cloud Services • UI on Angular + API on Nodejs • Gitlab • SaltEdge APIs • Blockchain Automation Platform

Challenges I ran into

====================

  1. understanding partner APIs

Accomplishments that I'm proud of

=============================== We are proud of coming up with a solution that • will reduce carbon emissions and increased digitization • provides a platform for partners to work together and succeed together • provides greater transparency and trust amongst the partners in the Payment industry • will be able to create new revenue models between partners • provides quick returns to partners for services offered

What I learned

================

  1. gained knowledge on partner APIs like SaltEdge and PLAID
  2. understood Digital Trust implementation and intricacies

What's next for Fastrack Merchant On-boarding

========================================= • We see us enhancing the platform to use DID(Decentralized Digital Identity) registry along with re-encryption concept (refer to https://www.mindtree.com/about/resources/proxy-re-encryption-based-data-sharing-framework) on the platform • Comply with the Digital Trust record spec in its entirety. • Develop an adapter layer on top of Blockchain to ensure banks & institutions that do not comply with the Digital Trust record spec can easily integrate with our platform • Work with Fintech’s to enhance the offering by integrating with different providers in different geographies • Enhance document processing & automation capabilities to extract required information for any document submitted

Built With

Share this project:

Updates