BankTech

Ally and Microsoft strike a partnership to explore quantum computing

The research aims to spur innovation in financial services

Fintech Ally and Microsoft are teaming up to explore quantum computing and how they can leverage the technology to spur innovation in financial services.

Ally, which provides banking and other financial services, is partnering with Microsoft as part of its Enterprise Acceleration Program which lets the companies explore “potential use cases” in quantum computing, according to a blog post.

Ally will use Microsoft’s Azure capabilities while Ally has access to APIs, software languages and infrastructure to build quantum computing skills.

“Together we are applying the latest research on quantum inspired algorithms to understand how it can be leveraged to solve complex challenges,” the blog post read. “Quantum inspired optimizers run on classical hardware, allowing us to explore quantum use cases today, while quantum hardware continues to develop towards broad commercial use.”

The fintech company said that Microsoft helps provide accelerators for gleaning insight from quantum research.

“Together we are applying the latest research on quantum inspired algorithms to understand how it can be leveraged to solve complex challenges. Quantum inspired optimizers run on classical hardware, allowing us to explore quantum use cases today, while quantum hardware continues to develop towards broad commercial use,” the blog post stated.

In 2020, Ally reaped in a net income of $1.09 billion, a decrease from the $1.72 billion it saw in 2019. The company had $181.9 billion in assets as of March 31 this year, a press release shows.

In other bank tech news, Welcome Tech, whose digital platform helps Spanish-speaking immigrants navigate life in the U.S., says it’ll further fill a void in financial services with its new Series B funding round of $35 million. The platform features a bilingual mobile app and debit card designed for Hispanic consumers in the U.S., many of whom fall into the “unbanked” or “underbanked” categories.

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