Mastercard Teams with D-Wave to Advance Quantum-Hybrid Solutions

Mastercard and D-Wave Systems are collaborating to accelerate the adoption of quantum computing solutions and are working to develop quantum-hybrid applications across numerous areas in financial services.

Consumer loyalty, rewards, cross-border settlement and fraud management are the main areas being researched for the development of applications that will drive financial services into the future, according to a press release on Monday (July 18).

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Headquartered in Burnaby, British Columbia, Canada, in 1999 D-Wave Systems is among the leaders in the development and delivery of quantum computing systems, software and services and is the world’s first commercial supplier of quantum computers. In collaboration with Mastercard, the companies are striving to research and build quantum computing applications that will transform customer experiences.

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“We are heralding in the next wave of computing. Just like the creation of the PC, the emergence of the internet and the proliferation of smartphones and voice assistants, it is our belief that quantum will have far-reaching and industry-disrupting impact, especially in the financial services sector,” said Alan Baratz, CEO of D-Wave.

“D-Wave and Mastercard have a shared vision of harnessing the power of technology to positively affect business and society. This alliance supports that vision by delivering quantum innovation that will tackle increasingly complex problem sets across applications like optimized loyalty programs, fraud management and anti-money laundering in financial services and, ultimately, unlock more value for customers,” Baratz added.

Related: JPMorgan Announces ‘Viable’ Quantum Secure Blockchain Network

Powered by Mastercard’s network, the alliance will use D-Wave’s annealing quantum computers and quantum hybrid solvers through the Leap quantum cloud service for secure real-time access to quantum applications.

“People expect hyper-personalized experiences. Quantum computing’s unique ability to analyze huge numbers of potential combinations can deliver optimal solutions that will improve efficiency and provide choice,” said Ken Moore, chief innovation officer at Mastercard. “Our work with D-Wave will explore the endless applications of quantum computing for practical, real-world financial services applications.”