Polaris Financial Technology, a global financial technology company, 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 - 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. 

Commenting on the win, 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. 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.'' 

Shares of the company gained Rs 2.05, or 0.99%, to trade at Rs 208.10. The total volume of shares traded was 43,200 at the BSE (10.45 a.m., Thursday).