20 April 2018

JPMorgan Chase and Barclays join IBM quantum computing push

14 December 2017  |  8014 views  |  0 Binary

JPMorgan Chase and Barclays are among the first firms to tap into the IBM Q early-access commercial quantum computing systems.

Big Blue has signed up 12 partners - companies, academic institutions and national research labs - to its new IBM Q network as it bids to build up a quantum computing ecosystem based on its open source software and developer tools. The partners get access to IBM's expertise and resources, including universal quantum computing power, starting with a 20 qubit IBM Q system.

JPMorgan Chase is onboard as the main financial services network partner, investigating how quantum computing can be used in areas such as trading strategies, portfolio optimisation, asset pricing, and risk analysis. Barclays is also seeking to build its knowledge of general approaches to quantum computing and begin to investigate potential use cases for the finance industry.

IBM claims that quantum computing has great potential in financial services, for example helping to determine the best options for customer portfolios through analysis and modeling of an unlimited number of current event and market scenarios. It could also be used to more effectively identify fraud indicators or massive market shifts and will likely lead to entirely new financial services algorithms and risk models.

Lori Beer, CIO, JPMorgan Chase, says: "Joining the IBM Q Network allows us to bring our technologists alongside IBM’s researchers and leverage cutting-edge quantum systems to learn about how we may be able to apply these technologies in the future."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

RBS and Allianz join C$45m funding round for quantum computing startup 1QBit

RBS and Allianz join C$45m funding round for quantum computing startup 1QBit

30 November 2017  |  5205 views  |  0 comments | 4 tweets | 5 linkedin
Commonwealth Bank takes quantum leap

Commonwealth Bank takes quantum leap

23 August 2017  |  8646 views  |  0 comments | 6 tweets | 12 linkedin

Related company news


Related company information

JPMorgan Chase

Related blogs

Create a blog about this story (membership required)
Visit http://wup.digitalVisit https://aciworldwide.webex.comvisit www.ebaday.com

Top topics

Most viewed Most shared
Revolut launches spare change savings toolRevolut launches spare change savings tool
9619 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8802 views comments | 17 tweets | 31 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8376 views comments | 16 tweets | 22 linkedin
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
8370 views comments | 18 tweets | 23 linkedin
Goldman Sachs acquires PFM startup Clarity MoneyGoldman Sachs acquires PFM startup Clarity...
7937 views comments | 9 tweets | 10 linkedin

Featured job

Find your next job