Polaris Financial Technology wins contract from Swedish Central Bank

NEW DELHI: IT services firm Polaris Financial Technology today said it has won a deal from Sweden's central bank, Sveriges Riksbank, to implement its banking solutions.

Collateral Management System is part of the Chennai-based firm's Intellect Quantum banking suite of central bank solutions. Financial details of the deal were not disclosed.

"Collateral Management System will support Riksbank's services for Swedish payments system, open market operations, bank credit operations and agency central bank arrangements," Polaris Fin Tech said in a statement.

Riksbank Collateral Management System will automate complex financial infrastructure operations and credit operations, while providing flexibility to adapt to rapidly evolving global financial markets, it added.

Bank users will benefit from more efficient use of collateral assets and Riksbank will gain real-time control and greater flexibility.

"Polaris has successfully implemented central bank technology modernisation across Asia and Africa. We are delighted that Riksbank, Sweden has chosen us for automating their Collateral Management System," Polaris Financial Technology CEO ( Global Universal Banking) Jaideep Billa said.