Swedish Central Bank to implement Polaris Intellect Quantum Solution

The QCMS will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements

Polaris Financial Technology Ltd, today announced that Sweden's central bank, Sveriges Riksbank, the oldest central bank in the world, 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 it will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements, according to company's statement.

The new Riksbank Collateral Management System 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.

Commenting on the win, Jaideep Billa, CEO, Global Universal Banking, Polaris Financial Technology, said, Polaris has implemented central bank technology modernisation across Asia and Africa. The fact that Polaris was chosen after a most rigorous selection process validates the investment company has made in central bank solutions.