Chennai (India), Jun 05, 2014:
Polaris Financial Technology Ltd, a leader in the global Financial Services industry, 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 - the world's first integrated money and securities solution for Central banks. The Collateral Management System 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 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.
Commenting on the win, Jaideep Billa, CEO, Global Consumer 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. We are delighted that Riksbank, Sweden has chosen us for automating their Collateral Management System. The fact that Polaris was chosen after a most rigorous selection process validates the investment we have made in central bank solutions."
Polaris' Intellect Quantum Collateral Management System provides an interface between Counter Party, Depository and Central Bank. It enhances collateral mobilization efficiency, simplifies liquidity management and reduces back office complexity. The solution comprises of comprehensive security eligibility controls, multi-dimensional collateral management, collateral pool accounts to maintain the securities of multiple currencies held in multiple depositories, and real-time re-assessment of the pool and generation of margin call and security release. The CMS system helps improve the liquidity in the system, reduces cost, time and minimizes errors.