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June 6, 2014updated 04 Apr 2017 12:56pm

Swedish central bank Sveriges Riksbank taps Polaris’ Intellect Quantum Solution

Sweden's central bank, Sveriges Riksbank, is to deploy PolarisÂ’ Intellect Quantum Collateral Management System (QCMS) to support its services for payments system, open market operations, bank credit operations and agency central bank arrangements in the country.

Sweden’s central bank, Sveriges Riksbank, is to deploy Polaris’ Intellect Quantum Collateral Management System (QCMS) to support its services for payments system, open market operations, bank credit operations and agency central bank arrangements in the country.

The QCMS will not only automate intricate financial infrastructure operations and credit operations, but will also offer flexibility to adapt to rapidly evolving global financial markets.

Polaris said the bank users will be benefited from more efficient use of collateral assets, while Riksbank will gain real-time control and greater flexibility.

Riksbank had chosen Polaris because of its ability to meet the functional, technical, security, delivery and maintenance requirements.

Polaris Financial Technology global universal banking CEO Jaideep Billa said they have 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," Billa added.

By providing an interface between counter party, depository and central bank, Polaris’ QCMS improves collateral mobilization efficiency, simplifies liquidity management and reduces back office complexity.

The platform encompasses complete 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 QCMS system also improves the liquidity in the system, trims cost, time and minimizes errors, claims Polaris.

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