Truist Financial Corporation has joined the IBM Quantum Accelerator program and welcomed the technology company to the bank's Innovator in Residence Program.
The collaboration was announced in a July 12 press release.
“Forward-thinking financial institutions around the world are actively exploring real-world application opportunities of quantum computing,” said John Duigenan, IMB Technology's distinguished engineer and financial services industry general manager, in the release. “Ensuring access to quantum talent, expertise, and technology must be a prominent element of any enterprise architecture strategy today.”
Through this partnership, the financial industry will be encouraged to adopt cutting-edge technologies while researching potential uses for quantum computing, according to the release.
“Truist’s demonstrated innovation mindset is commendable and we are excited to join Truist in exploring transformative technologies that will benefit their customers,” Duigenan said.
To get Truist into a quantum-ready state and position the bank to take advantage of the technology's potential, the agreement to participate in the IBM Quantum Accelerator initiative will concentrate on building Truist's internal quantum computing capabilities, the release stated. Under the terms of the deal, Truist will have access to IBM's top-tier quantum computing equipment, extensive knowledge, and support resources.
“This collaboration with IBM is a reflection of our commitment to investing in new technologies to deliver on our purpose to inspire and build better lives and communities," Scott Case, chief information officer at Truist, said in the release. "Quantum computing has the potential to transform how we do banking and solve complex problems. IBM is a leader in quantum computing and their collaboration and expertise will be invaluable to ensure we are able to leverage these new technologies to the fullest potential.”
IBM will join Truist's Innovators in Residence program, adding to its more than 15 years of partnership with the bank. To create a space where new and emerging financial technologies can be explored, this initiative brings together tech industry heavyweights and startups at Truist's Innovation and Technology Center, the release stated.
As part of this commitment, IBM will send out specialized teams and share knowledge about transforming business processes and operations, operational resiliency, artificial intelligence, and automation, as well as emerging payment technologies, according to the release.
