UST Named Leader in NelsonHall NEAT Report for Blockchain Services in Banking
~Report highlights UST’s strengths in organizational and ecosystem transformations~
BENGALURU, India, November 16, 2021 / PRNewswire / – UST, a leading company in the field of digital transformation solutions, today announced that the company is named Leader in the NelsonHall NEAT Report for Blockchain Services in the Banking Capabilities Market Segment. Leaders are vendors who exhibit both a high capacity relative to their peers to deliver immediate benefit and a high capacity relative to their peers to meet future customer needs.
According to the NelsonHall report, the global blockchain services market was $ 496 million in 2020 and is expected to publish a TCCA by 53.3% until 2025. North America and Europe have the largest blockchain implementation and management markets, NelsonHall projects the Asia Pacific grow the fastest over the next five years.
UST’s blockchain services focus on organizational and ecosystem transformations by creating customer-specific solutions that facilitate innovative business models based on data reliability and operational agility. As stated in the NEAT report, âUST sees blockchain as the layer to resolve market uncertainty that demands both data reliability and operational agility, providing three key functionalities: flexible but secure data, precise and efficient operations while being agile, and the guarantee of the sovereignty of the actors.
âWe are delighted to be named a Leader in Blockchain Services in NelsonHall’s NEAT Report. This is real confirmation of the work that UST is doing in this space, helping our clients transform their business processes through the power of blockchain technology, âsaid Daniel Champ, Blockchain Manager, UST. âThese are exciting times for the blockchain industry. Long envisioned solutions for programmable currency and cheaper and faster settlements and reconciliations are quickly becoming a business reality, and exploration of central bank digital currencies (CBDCs) is gaining momentum. “
UST has dedicated blockchain specialists around the world, with a Center of Excellence (COE) in Madrid, Spain, and an R&D laboratory in Trivandrum, India. Over 100 of the world’s leading organizations in banking, insurance, energy and utilities, healthcare, TMT, retail and CPG, transportation use the portfolio of UST blockchain solutions.
The NEAT report also cited UST’s emphasis on creating reusable components versus customizable, accelerated solutions. Working with practitioners, domain experts and a network of innovation partners, UST offers blockchain services in four categories:
- Strategy and consulting services: including a framework that allows businesses to adopt and integrate frictionless blockchain-based solutions and services.
- Design and development of solutions: the UST laboratory in Spain, is dedicated to conducting research on rapid prototyping, co-creation of use cases and concept development on DLT (Distributed Ledger Technology).
- Architecture and integration: UST provides blockchain-based solution integration services that integrate with existing technology landscapes to enhance existing solutions.
- Products and tools: including libraries and accelerators to start prototypes and manage the blockchain infrastructure.
âThe recognition given by NelsonHall demonstrates our ability to provide innovative solutions to resolve all bottlenecks, including legacy integration challenges,â said Niranjan Ramsunder, CTO, UST. âAs a global leader in blockchain operations, UST helps reduce costs and time to market for our customers’ most important blockchain initiatives. on all major Blockchain platforms. “
Various analyst firms have consistently recognized UST’s leadership in blockchain since 2017. More recently, UST was also recognized for its distinction in blockchain by ISG with a Best Case Study Award for digital excellence, highlighting the company’s commitment with a leading Spanish multinational commercial bank to transform the international payments experience by deploying blockchain-based solutions. The bank has launched its mobile app that allows its end customers to complete international transactions in hours or even minutes, whereas the same transactions previously took two to three business days. With just four to five clicks, the customer can enter the amount to transfer, select a recipient and an exchange rate, and complete the transaction. UST played an important role in delivering this solution and integrating the platform.
For more than 20 years, UST has worked alongside the world’s best companies to make real impact through transformation. Powered by technology, inspired by people and driven by our purpose, we partner with our customers from concept to operation. Through our agile approach, we identify their main challenges and design disruptive solutions that bring their vision to life. With deep domain expertise and a future-proof philosophy, we embed innovation and agility into our clients’ organizations, delivering measurable value and lasting change across industries and around the world. . Together, with more than 26,000 employees in 25 countries, we are building for unlimited impact, touching billions of lives. Visit us at www.UST.com
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