Commonwealth Bank of Australia Deploys QxBranch's Quantum Computing Simulator

According to the vendor, the tool emulates the functions of future quantum computers—which are still being developed—enabling software and algorithm development to proceed in parallel with the race to create breakthrough hardware.

“The simulator will allow developers and quantitative analysts to develop applications and explore and validate uses of quantum computing hardware,” said Michael Brett, CEO at QxBranch, which specializes in quantum computing and data analytics software. “Our simulator gives users the power to start developing applications for critical financial operations today. …The level of investment in hardware is accelerating. The challenge is finding the application that provides the greatest return on investment. It takes exploration to find that. The simulator will allow CBA to rapidly prototype applications.”

Brett said that quantum computing will eventually be used to help solve—among other things—optimization problems in portfolio management, risk management, analytics, and customer service. Additionally, it can be used to improve machine learning programs because of its ability to speed up computations by assessing a large range of possible outcomes simultaneously, rather than in sequence or in parallel. 

“Quantum computing brings with it many benefits due to the speed and complexity of problems it can calculate and resolve,” noted Commonwealth Bank of Australia chief information officer, David Whiteing, in a statement. “By developing a simulated quantum computing environment, this allows us to assess the feasibility and performance of applications well before the first silicon-based quantum computer is finished.”

The simulator will run on CBA’s premises using the bank’s existing data and then channel the results back to its existing applications. Brett said the simulator at CBA is already operational and QxBranch will hold a training session for CBA staff this Thursday to show staff ways to use the simulator, which was built using the Python programming language so that it would be easy for regular software developers to use.

“The firms that are prepared for the arrival of quantum computing, and that act decisively, can exploit once-in-a-generation competitive advantages,” said Ray Johnson, executive chair at QxBranch. “Quantum computing will transform the use of information technology, and the finance industry will be among those with the most opportunity for both capability and business growth.”