Sweden's central bank invests in QCMS

CHENNAI, INDIA: Polaris Financial Technology Ltd, announced that Sweden's central bank, Sveriges Riksbank, the oldest central bank in the world as the announcement says, has chosen to implement Polaris' Intellect Quantum Collateral Management System (QCMS).

The Collateral Management System is part of Polaris' Intellect Quantum Banking suite of Central Bank Solutions and will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements.

The new Riksbank Collateral Management System, as explained, will automate complex financial infrastructure operations and credit operations, while providing flexibility to adapt to rapidly evolving global financial markets. Bank users will benefit from more efficient use of collateral assets and Riksbank will gain real-time control and greater flexibility. Riksbank had chosen Polaris over leading global solution providers. Polaris was judged superior in meeting the functional, technical, security, delivery and maintenance requirements, as per a press note.

Jaideep Billa, CEO, Global Universal Banking, Polaris Financial Technology, said, "Polaris is privileged to partner with Riksbank, the world's oldest and leading central bank, to offer Intellect Quantum Collateral Management System. Polaris has successfully implemented central bank technology modernization across Asia and Africa."