Rabobank, one of the world’s leading banks, has hired Quantum Computing Inc. (QCI), a quantum software and hardware company that aims to accelerate the value of quantum computing for real-world industry applications, to fight against unauthorized banking and payment transactions through its quantum computing hardware, Entropy Quantum Computing (ECQ) system.
EQC, capable of providing widely accessible and affordable enterprise quantum solutions capable of solving real business problems has shown the ability to improve fraud detection strategies through faster calculation and increased accuracy when applied to machine learning processes, a problem that Rabobank has dealt with for quite some time now.
Fraudulent card transactions have cost the banking industry billions of dollars each year, as fraudsters use increasingly sophisticated methods to circumvent online security safeguards. Thus, the company sought a forward-thinking strategy that includes studying advanced quantum computing technology.
Because Rabobank is dedicated to safeguarding its clients from expensive fraudulent transactions, QCI has been added to its arsenal of fraud detection tools and solutions. The Dirac 1 EQC system from QCI uses quantum photonics principles to address real-world business issues. This powerful proprietary technology provides complete stack quantum solutions that enable users to conduct complicated optimization problems on a stable, room-temperature, desktop platform.
“Payment fraud is an enormous problem for the banking industry, costing banks and consumers billions of dollars a year. We are very excited to collaborate with Rabobank in demonstrating the application of entropy quantum computing to this important problem,”
Robert Liscuski, CEO of QCI.
“QCI’s EQC technologies provide the stability and scale necessary to address business-relevant problems. Rabobank’s forward-looking perspective as an innovator in the banking sector makes for an ideal partnership as we work toward developing and implementing new quantum solutions for the financial sector.”