Hyperledger Case Studies How Mindtree revolutionized loyalty platforms and merchant onboarding with Hyperledger Fabric

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	How Mindtree revolutionized loyalty platforms and merchant onboarding with Hyperledger Fabric Hyperledger

How Mindtree revolutionized loyalty platforms and merchant onboarding with Hyperledger Fabric

Hyperledger

Technology Category	Analytics & Modeling - Robotic Process Automation (RPA) Application Infrastructure & Middleware - Blockchain
Applicable Industries	Retail
Applicable Functions	Business Operation Sales & Marketing
Use Cases	Fraud Detection Regulatory Compliance Monitoring Track & Trace of Assets
Services	Software Design & Engineering Services System Integration
Challenge	Mindtree, a technology consulting and services company, identified two major challenges in the retail and banking sectors. In the retail sector, the decreasing rate of redemption in loyalty programs was a significant issue. Nearly $100 billion worth of points remain unused annually, which translates to missed opportunities to engage consumers and a balance sheet liability when compared to the cost of marketing and maintaining the program. In the banking sector, the merchant onboarding process was tedious and time-consuming, taking more than 20 days. The process involved high risks, sizable investment in external agencies for third-party verifications, and lacked a standardized system to ensure vendors comply with regulations such as anti-money laundering, Know Your Customer, and Know Your Customer’s Customer. Read More
About Customer	Mindtree is a global technology consulting and services company that helps Global 2000 corporations achieve a competitive advantage by marrying scale with agility. Founded in 1999, the company operates across 17 countries and serves more than 340 enterprise clients. Mindtree's deep domain knowledge enables it to break down silos, make sense of digital complexity, and bring new initiatives to market faster. The company is consistently regarded as one of the best places to work, thanks to its winning culture made up of 20,000 entrepreneurial, collaborative, and dedicated 'Mindtree Minds'. Read More
Solution	To address these challenges, Mindtree developed two solutions. The first is $wap, a blockchain-based loyalty exchange platform that allows customers to redeem reward points across providers for goods and services. The platform was built using the Ionic framework and deployed Hyperledger Fabric technology. It provides an easy onboarding process into the network, real-time reflections of the earn and burn for loyalty points, and contract-driven points of exchange. The second solution is a merchant onboarding platform that uses artificial intelligence, robotic process automation, and blockchain technology to streamline the onboarding process. The platform brings together all stakeholders in the onboarding process, allowing them to share documents and data in a protected, private environment. It also includes underwriting and KYC as well as all contracts built into the platform. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Robotic Process Automation (RPA)

Application Infrastructure & Middleware - Blockchain

Applicable Industries

Retail

Applicable Functions

Business Operation

Sales & Marketing

Use Cases

Fraud Detection

Regulatory Compliance Monitoring

Track & Trace of Assets

Services

Software Design & Engineering Services

System Integration

Challenge

Mindtree, a technology consulting and services company, identified two major challenges in the retail and banking sectors. In the retail sector, the decreasing rate of redemption in loyalty programs was a significant issue. Nearly $100 billion worth of points remain unused annually, which translates to missed opportunities to engage consumers and a balance sheet liability when compared to the cost of marketing and maintaining the program. In the banking sector, the merchant onboarding process was tedious and time-consuming, taking more than 20 days. The process involved high risks, sizable investment in external agencies for third-party verifications, and lacked a standardized system to ensure vendors comply with regulations such as anti-money laundering, Know Your Customer, and Know Your Customer’s Customer.

About Customer

Mindtree is a global technology consulting and services company that helps Global 2000 corporations achieve a competitive advantage by marrying scale with agility. Founded in 1999, the company operates across 17 countries and serves more than 340 enterprise clients. Mindtree's deep domain knowledge enables it to break down silos, make sense of digital complexity, and bring new initiatives to market faster. The company is consistently regarded as one of the best places to work, thanks to its winning culture made up of 20,000 entrepreneurial, collaborative, and dedicated 'Mindtree Minds'.

Solution

To address these challenges, Mindtree developed two solutions. The first is $wap, a blockchain-based loyalty exchange platform that allows customers to redeem reward points across providers for goods and services. The platform was built using the Ionic framework and deployed Hyperledger Fabric technology. It provides an easy onboarding process into the network, real-time reflections of the earn and burn for loyalty points, and contract-driven points of exchange. The second solution is a merchant onboarding platform that uses artificial intelligence, robotic process automation, and blockchain technology to streamline the onboarding process. The platform brings together all stakeholders in the onboarding process, allowing them to share documents and data in a protected, private environment. It also includes underwriting and KYC as well as all contracts built into the platform.

Impact #1	The $wap platform provides maximum flexibility and premium features to its users. Customers can pay for goods and services at any of $wap’s vendors with the ability to split up payments using points accumulated over multiple loyalty cards. The platform also allows customers to manage their various accounts and transactions as well as transfer points to friends or family members—all through one interface.
Impact #2	The merchant onboarding platform introduces a fast, seamless system for acquirer banks and payment service providers to engage with new businesses. It allows acquirer banks, verifying agencies, and prospective merchants to share documents and data in a protected, private environment. The high degree of automation derived from AI and RPA reduces the chances of human error and allows employees to reallocate their time to other responsibilities.

Impact #1

The $wap platform provides maximum flexibility and premium features to its users. Customers can pay for goods and services at any of $wap’s vendors with the ability to split up payments using points accumulated over multiple loyalty cards. The platform also allows customers to manage their various accounts and transactions as well as transfer points to friends or family members—all through one interface.

Impact #2

The merchant onboarding platform introduces a fast, seamless system for acquirer banks and payment service providers to engage with new businesses. It allows acquirer banks, verifying agencies, and prospective merchants to share documents and data in a protected, private environment. The high degree of automation derived from AI and RPA reduces the chances of human error and allows employees to reallocate their time to other responsibilities.

Benefit #1	Merchant onboarding time reduction from more than 20 days to one day
Benefit #2	Standardized AML & KYC processes
Benefit #3	Increased cost savings due to automation

Benefit #1

Merchant onboarding time reduction from more than 20 days to one day

Benefit #2

Standardized AML & KYC processes

Benefit #3

Increased cost savings due to automation

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Overview

How Mindtree revolutionized loyalty platforms and merchant onboarding with Hyperledger Fabric

Operational Impact

Quantitative Benefit