Truist Financial Corp banks IBM Quantum Accelerator program

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IBM has announced that Truist Financial Corp will join the IBM Quantum Accelerator program in addition to welcoming IBM to the bank’s Innovator in Residence program.

This collaboration will serve to spur technology innovation in banking while exploring opportunities for the application of quantum computing in the banking industry.

The agreement to participate in the IBM Quantum Accelerator program will focus on developing Truist’s internal expertise in quantum computing with the goal of achieving a quantum-ready state. Under the agreement, Truist will gain access to IBM’s premium quantum computing systems, deep expertise and enablement resources.

Building on more than 15 years of collaboration with the bank, IBM will become one of Truist’s Innovators in Residence. This program brings together tech giants and startups at Truist’s Innovation and Technology Center to collaborate with Truist’s resident innovators creating an environment to explore new and emerging technologies in finance.

In addition to this, IBM has also announced that it is one of four organizations selected to support the Internal Revenue Services’ (IRS) seven-year, $2.6bn Enterprise Development Operations Services (EDOS) contract vehicle.

This program will modernize existing IRS IT systems, improve cybersecurity, expand advanced analytics capabilities and overhaul the critical infrastructure needed to improve how the agency interacts with taxpayers and the tax community.

John Duigenan, distinguished engineer and general manager financial services industry at IBM Technology, said: “Forward-thinking financial institutions around the world are actively exploring real-world application opportunities of quantum computing. Ensuring access to quantum talent, expertise and technology must be a prominent element of any enterprise architecture strategy today.

“Truist’s demonstrated innovation mindset is commendable and we are excited to join Truist in exploring transformative technologies that will benefit their customers.”

Scott Case, chief information officer at Truist, said: “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.

“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.”