(RBSNews) NatWest has begun testing with what it terms “quantum-inspired” computing power in order to solve some of the most complex, challenging, time consuming and expensive problems that the bank faces. Quantum-inspired means that quantum algorithms are used to solve a problem, but qubits are not actually used in the process. Until very recently the hardware required to process quantum algorithms were not available to companies.
The bank’s technology team have completed a highly complex calculation that needs to be undertaken regularly by the bank, at 300 times the speed of a traditional computer, whilst providing an even higher degree of accuracy. The hardware used in testing has been Fujitsu’s quantum-inspired Digital Annealer, whilst the quantum software is provided by 1QBit – of which NatWest is an investor and board observer.