VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd., and a leading worldwide provider of information technology (IT) consulting and outsourcing services, announced that the company has been recognized by analyst firm HfS Research in its Blueprint Report for its emerging blockchain services in Banking, Financial Services and Insurance (BFSI).
VirtusaPolaris has developed leading blockchain capabilities in its financial services practice, focusing within its FinTech Lab on developing solutions like over-the-counter (OTC) derivatives, remittances, cash management, payments sandbox, and blockchain sandbox. For its Blueprint Report, HfS Research cited the company’s blockchain strengths in two core areas: working on projects to migrate from Proof of Concepts (PoCs) to production environments for clients that will give each party intellectual property (IP), and working on a library to extract blockchain tokens, encrypt tokens using wallet keys, a naming service, and messaging.
“As the technology and capabilities of blockchain continue to develop, banking, financial services and insurance organizations must fully commit to innovation and digital transformation to keep up with this growing market segment,” said Samir Dhir, president – Banking & Financial Services, VirtusaPolaris. “This recognition is evidence of our continued dedication to providing our clients with the technologies they need to be at the forefront of innovation and increase productivity by utilizing blockchain’s distributed database.”
Leveraging its 25 years of experience and expertise in the banking and financial services industry, VirtusaPolaris has been helping banks and financial institutions accelerate their innovation process and effectively meet the challenges of digital disruption. The Blockchain Exploration Center which is part of its FinTech Lab, provides an environment in cloud with built-in sandboxes and a banking data model for customers to quickly run experiments and turn ideas in to MVPs (Minimum Viable Products). VirtusaPolaris has partnered with several technology companies, including Signix, Token.io, Chain.com, and Coins.ph for its blockchain-related solution offerings. While the definition of a blockchain is open to various interpretations, VirtusaPolaris, through its service offerings, has eliminated or reduced the role of alternate currencies to focus on the use of underlying technologies for process improvement purposes.
“VirtusaPolaris is moving forward in its exploration of blockchain on both the innovation and the execution aspects,” said Christine Ferrusi Ross, research vice president, Strategy and Product Development. “The firm’s Fintech-focused blockchain solutions look at specific client pain points like OTC derivatives and cash management, among others. The company marries that business view with technical aspects like the library it’s building for extracting blockchain tokens using wallet keys and for messaging.”
The HfS Blueprint™ Report identifies relevant differentials between service providers across a number of facets under two main categories: innovation and execution. HfS Blueprint Report ratings are dependent on a broad range of stakeholders with specific weightings based on 1,355 crowdsourced responses.