CaixaBank deploys quantum algorithm to streamline risk analysis

Spain’s CaixaBank has deployed a quantum computing algorithm to assess the capital at risk for financial assets such as mortgage and treasury bill portfolios.

The bank has completed its first real tests using the system as it explores whether it can be successfully applied to risk analysis.

This project has been developed using IBM’s Framework Opensource Qiskit, an infrastructure which includes a simulator and 16-qubit quantum computer, giving the tools to create a quantum algorithm.

Through this phase, CaixaBank was validating the software’s capacity to improve processes. Its initial project is to perform risk analysis simulations on financial assets and has deployed it into a mortgage portfolio and treasury bills portfolio specifically created for the project.

By leveraging the quantum algorithm, the bank was able to conduct risk analysis at a much quicker rate, as it only needed dozens of simulations compared with the thousands needed by prior processes.

CaxiaBank has become the first bank in Spain to use this type of technology.

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