VirtusaPolaris Recognized by HfS Research for Emerging Blockchain Services in BFSI
January 11 2017 - 10:00AM
Business Wire
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, today 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.
To see the final HfS Blueprint Report ranking, please visit
https://www.hfsresearch.com/pointsofview/hfs-blueprint-guide-emerging-blockchain-bfsi.
For more information on VirtusaPolaris' solutions for
blockchain, please visit
http://www.virtusapolaris.com/industries/banking-and-financial-services/industry-solutions/blockchain/.
About VirtusaPolaris
VirtusaPolaris, the market-facing brand reflecting the combined
strengths of Virtusa Corporation and Polaris Consulting &
Services, Ltd. is a global provider of information technology (IT)
consulting and outsourcing services that accelerate business
outcomes for Global 2000 companies and leading software vendors in
banking and financial services, insurance, healthcare,
telecommunications, technology, media and entertainment.
VirtusaPolaris’ solutions address the CXOs’ dual challenge of
growing revenues while improving IT cost efficiencies.
VirtusaPolaris’ digital services leverage innovative new
technologies to reimagine the customer experience, increasing
retention and creating lasting value. VirtusaPolaris’ preemptive
outsourcing solutions help clients reduce risk and improve IT
operations.
VirtusaPolaris delivers services across the IT lifecycle,
including consulting, solution design, technology selection,
implementation, testing and maintenance & support, including
infrastructure support. Inheriting a strong heritage in software
engineering, VirtusaPolaris is highly qualified to both develop and
maintain software, using a proven platforming methodology and
advanced Agile and Accelerated Solution Design techniques to
reliably produce results on time and within budget.
Holding a record of success across industries and unparalleled
domain expertise, VirtusaPolaris understands clients’ business
challenges best and uses that to deliver distinctive,
differentiated and innovative application of technology to solve
those problems. Examples of large business transformations
completed include the world’s largest P&C claims modernization
program, one of the largest corporate customer portals for a
premier global bank, an order to cash implementation for a
multinational telecommunications provider, and digital
transformations for media and banking companies.
Virtusa Corporation is headquartered in Massachusetts, and
together with Polaris, has 50 offices across North America, Europe
and Asia.
Polaris Consulting & Services is a subsidiary of Virtusa
Corporation. Copyright © 2016 Virtusa Corporation. All Rights
Reserved.
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GreenoughAmy Legere, 617-275-6517alegere@greenough.biz
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