Saga and Deloitte Partner to Select FIS’s Solution to Manage Treasury Unit

Saga and Deloitte Partner to Select FIS’s Solution to Manage Treasury Unit
08.07.2019 11:13 am

Saga and Deloitte Partner to Select FIS’s Solution to Manage Treasury Unit

Blockchain , Audit and Reporting

Saga, a monetary startup aimed at creating blockchain-based currency designed to bring stability to international exchange, announced today that it has recently selected FIS (NYSE: FIS), a global leader in financial services technology, to deploy its Integrity SaaS solution to manage the Saga treasury unit’s back office and its reserves.

Saga is backed by reserves held in the most prominent national currencies, replicating the SDR (Special Drawing Rights) by the IMF and deposited in regulated banks in reputable jurisdictions. The FIS Integrity SaaS solution will support Saga’s treasury unit in managing its reserves among its partner banks. The solution will also support Saga’s simple and complex treasury requirements, including cash positioning and forecasting, foreign exchange, debt and investment management as well as accounting, compliance and reporting with full connectivity to the treasury ecosystem.  Saga worked with global business consulting leader Deloitte to assist in the selection process. After months of evaluating international industry-leading solutions, Saga chose FIS.

“Saga believes that as part of establishing a sensible and trustworthy solution, we must meet and implement the highest possible standards. Choosing FIS most certainly fulfils this promise,” said Ido Sadeh Man, Saga’s Founder and President. “We’re delighted to partner with a top-tier provider adopted and trusted by many leading financial organisations, and expect this partnership to help us enhance the accuracy and efficiency of our off-chain operations.”

“FIS offers treasury technology solutions that help corporations and financial institutions modernise their treasury operations and thrive in a constantly evolving environment. We look forward to supporting Saga’s growth strategy globally," said Steve Evans, head of Corporate Liquidity and Bank Treasury, FIS.

The company’s token, SGA, is expected to launch later this year and will rely on reserves hosted in commercial banks. It will be the first-ever cryptocurrency, governed by its shareholders, to introduce monetary tools modeled by economists and researchers from all over the world. Additionally, it will be among the first cryptocurrencies to apply banking-standard identification and Know Your Client (KYC) and Anti-Money-Laundering (AML) procedures.

Billing itself as a “monetary start-up”, Saga has attracted advisors from the ranks of the world’s top financial experts, technologists and economists – including Dr. Jacob Frenkel, Chairman of JPMorgan Chase International; Prof. Myron Scholes, Co-originator of the Black-Scholes options pricing model; Leo Melamed former Chairman of the Chicago Mercantile Exchange (CME) and Prof. Dan Galai, the co-developer of the Chicago Board Options Exchange's Volatility Index (VIX).  

Related News

Finboot partners with LCAM to transform dispute resolution using blockchain legaltech

Finboot, the company behind the enterprise-grade blockchain middleware MARCO... Read more »

Exactpro awarded Innovation accolade for Blockchain project with R3

Exactpro, a leading software testing provider for financial market infrastructures, is pleased to announce the receipt of QA Financial’s “Automation Technology Project of the... Read more »

Finboot’s MARCO recognised by World Economic Forum as an example of successful blockchain implementation in supply chains

Finboot, the company behind the production-ready blockchain middleware MARCO, is pleased to announce that it has been... Read more »

Acronis Cyber Protect Cloud: a “Vaccine” Option for Cyber Threats

Acronis, announced today the global launch of... Read more »

New research from MMC Ventures concludes activity and investment remain strong in the UK blockchain ecosystem, despite the ‘crypto winter’

New research released today from venture capital fund MMC Ventures, shows that while 2,700 blockchain... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel