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Sweden : SWEDENS central bank spend in QCMS

June 7, 2014

Polaris Financial Technology Ltd, declared that Sweden's central bank, Sveriges Riksbank, the oldest central bank in the world as the declaration stating that it has selected to execute 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 maintain 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 described, will mechanize complex financial infrastructure operations and credit operations, whereas providing flexibility to adapt to rapidly evolving global financial markets. Bank users will advantage from more competent 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."

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Source: TendersInfo (India)

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