888-384-7144 info@insidequantumtechnology.com

CaixaBank First Spanish Bank to Incorporate Quantum Computing In its R&D Activity

By IQT News posted 02 Sep 2019

(SpainNews.com) CaixaBank has become the first Spanish financial institution, and may be the first Spanish company to complete several real tests with a quantum computer to study financial applications of this technology. The presiding entity Jordi Gual has adopted a quantum algorithm to assess the capital at risk of financial assets, such as mortgage portfolios and Treasury bonds.
The projects have been carried out with the IBM Qiskit Framework Opensource, an infrastructure that includes a simulator and a 16-qub quantum computer. This framework offers the scientific community tools for the development and execution of quantum algorithms.
CaixaBank has implemented a quantum algorithm capable of evaluating the financial risk of two portfolios created specifically by the project based on real data, one of mortgages and another of Treasury bonds. Usually, this job requires a lot of time and resources. However, when the quantum algorithm is applied to the risk analysis, it is possible to reach the same conclusions as with the classical method, only in much less time.

Subscribe to Our Email Newsletter

Stay up-to-date on all the latest news from the Quantum Technology industry and receive information and offers from third party vendors.