UST named leader in NelsonHall NEAT Report for Blockchain Services in Banking

Thiruvananthapuram, November 16, 2021: UST, a leading digital transformation solutions company, today announced that the company is named as a Leader in the NelsonHall NEAT Report for Blockchain Services in the Banking Capability market segment. Leaders are vendors that exhibit both a high capability relative to their peers to deliver immediate benefit and a high capability relative to their peers to meet future client requirements.
According to the NelsonHall report, the global market for blockchain services stood at $496 million in 2020 and is expected to post a CAAGR of 53.3% through 2025. While North America and Europe have the largest blockchain implementation and management markets, NelsonHall projects the Asia Pacific to grow the fastest over the next five years.
UST's blockchain services focus on organizational and ecosystem transformations by building client-specific solutions that facilitate innovative business models built on data reliability and operational agility. As noted in the NEAT Report, “UST sees blockchain as the enabling layer to solve market uncertainty that demands both data reliability and operational agility, by providing three key features: data that is flexible but secure, operations that are precise and efficient yet agile, and the guarantee of the sovereignty of the actors.”
“We are thrilled to be named a Leader for Blockchain Services in NelsonHall's NEAT Report. It is the true confirmation of the work UST does in this space, helping our clients transform their business processes through the power of blockchain technology,” said Daniel Field, Head of Blockchain, UST. “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.”
UST has dedicated blockchain specialists worldwide, with a Center of Excellence (COE) in Madrid, Spain, and an R&D lab in Trivandrum, India. More than 100 of the world’s leading organizations across banking, insurance, energy & utilities, healthcare, TMT, retail & CPG, transportation, use UST’s portfolio of solutions in blockchain.
Also cited in the NEAT Report was UST’s focus on building 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 enables enterprises to adopt and onboard blockchain-based solutions and services frictionlessly.
• Solution design and development: UST’s lab in Spain, is dedicated to conducting research in rapid prototyping, co-creation of use cases, and concept development on DLT. (Distributed Ledger Technology).
• Architecture and integration: UST provides integration services of blockchain-based solutions that integrate with existing technology landscapes to enhance existing solutions.
• Products and tools: including libraries and accelerators to jumpstart prototypes and manage blockchain infrastructure.
“The recognition given by NelsonHall proves our ability to deliver innovative solutions to tackle any bottlenecks including legacy integration challenges,” said Niranjan Ramsunder, Chief Technology Officer, UST. “As a global leader in leveraging blockchains, UST helps reduce cost and time to market for our clients’ most important blockchain initiatives. We are blockchain platform-agnostic and build on a solid international ecosystem, working with the best vertical solutions from around the world on all the principal Blockchain platforms.”
Various analyst firms have consistently recognized UST’s leadership in blockchain since 2017. Most recently, UST was also recognized for distinction in blockchain 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 the international payments experience by deploying blockchain-based solutions. The bank launched its mobile-based application that enables their end customers to complete international transactions in hours, even minutes – whereas the same transactions previously took two to three working days to complete. In just 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.