UST named ‘leader’ in blockchain services for banking

Digital transformation solutions company UST announced that the NelsonHall NEAT report for blockchain services has named it a leader in the banking capability market segment.

Leaders are vendors that exhibit a high capability, relative to peers, to deliver immediate benefit and meet future client requirements, a spokesman for UST said here.

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Building reusable components

UST has a centre of excellence in blockchain in Madrid and an R&D lab in Thiruvananthapuram. More than 100 global organisations across banking, insurance, energy and utilities, healthcare, technology-media-telecom, retail and consumer packaged goods, and transportation use its solutions, the spokesman added.

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The NEAT report cited UST’s focus on building reusable components versus customisable accelerated solutions. Working with practitioners, domain experts, and a network of innovation partners, it offers blockchain services in four categories:

Strategy and consulting services: this includes a framework that enables enterprises to seamlessly adopt blockchain-based solutions and services.

Solution design and development: UST’s lab in Madrid is dedicated to research in rapid prototyping, co-creation of use cases, and concept development on DLT (distributed ledger technology).

Architecture and integration: UST provides blockchain-based solutions that integrate with existing technology to enhance existing solutions.

Products and tools: this includes libraries and accelerators to jumpstart prototypes and manage blockchain infrastructure.

Niranjan Ramsunder, Chief Technology Officer, said the recognition proves UST’s ability to deliver innovative solutions for any bottlenecks including legacy integration challenges.

Cost and time savings

“As a global leader in leveraging blockchains, UST helps reduce cost and time-to-market for clients’ most important blockchain initiatives. We are blockchain platform-agnostic and build on a solid international ecosystem, working with the best vertical solutions on all the principal blockchain platforms,” said Ramsunder.

The NelsonHall report estimates the global market for blockchain services at $496 million in 2020, with a CAGR of 53.3 per cent through 2025. While North America and Europe have the largest blockchain markets, the Asia-Pacific region is projected to grow fastest in the next five years.

‘Exciting time for blockchain’

UST’s client-specific blockchain solutions facilitate innovative business models built on data reliability and operational agility.

Daniel Field, Head of Blockchain, UST, said the recognition acknowledges UST’s work in helping clients transform their business processes through blockchain technology.

“It is an exciting time for the field of blockchain. Long-envisaged solutions for programmable money and cheaper, faster settlement and reconciliation are rapidly becoming a commercial reality and the exploration of central bank digital currencies (CBDCs) is accelerating significantly.”

‘Top Case Study’

UST’s blockchain services were recognised by ISG with a ‘Top Case Study Award for Digital Excellence’, highlighting the company’s engagement with a leading Spanish multinational commercial bank to transform its international payments experience through blockchain-based solutions.

The bank launched its mobile-based application, which enables end-customers to complete international transactions in hours, even minutes, instead of the usual 2-3 days.

In four to five clicks, the customer can enter the amount to be transferred, select a recipient and exchange rate, and confirm the transaction. UST played a significant role in delivering this solution and integrating the platform, the spokesman said.