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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 and 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.”

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.