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Deltec Bank, Bahamas Reviews Banking and Quantum Computing

By IQT News posted 27 Dec 2019

(DigitalJournal) Deltec Bank, the Bahamas provides an overview of current efforts to meet the threats that quantum computing poses to the banking industry. “Banks are successfully testing quantum computers to solve problems that were previously very resource-intensive or impossible to complete.” Although the technology is still some years away from changing the way banks calculate financial models due to complex hardware requirements, it is important to start testing now.
Projects discussed in this article from Deltec include:
Barclays: Researchers at Barclays Bank in collaboration with IBM have created a proof-of-concept quantum optimized application. The solution revolves around the transaction settlement process. A settlement works on a transaction-by-transaction basis where they are pushed into a queue and settled in batches. During a processing window, as many trades as possible from the queue are settled.
JPMorgan: Using an IBM machine, researchers at JP Morgan have demonstrated that they could simulate the future value of a financial product. They are testing the use of quantum computers to speed up intensive pricing calculations which would take traditional machine hours to compute.

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