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June 27, 2019updated 01 Jul 2019 6:00am

ABN Amro explores quantum computing to secure online banking

Dutch banking group ABN Amro has collaborated with QuTech, a joint venture between TNO and TU Delft, to explore how quantum computing can be used to secure online and mobile banking.

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The move is said to be in response to the quick progress of quantum technology, which has the ability to break existing encryption methods.

As a result, existing digital banking security systems may become ineffective in the long run.

The firms will work on developing an advanced system for Measurement Device Independent-Quantum Key Distribution (MDI-QKD).

QKD is said to enable multiple users connect using a central measurement and exchange complex codes.

ABN Amro believes that the technology is “virtually impossible to eavesdrop on”.

QuTech director of business development Kees Eijkel said: “The collaboration provides a unique opportunity to test concrete and real applications of quantum technology in practice.

“Each of the collaborating parties brings a clear and essential specialisation to the project.”

Laser communication through fibre-optic connections as well as air will support the establishment of the quantum connection.

ABN Amro chief innovation officer Edwin van Bommel: “This is a promising initiative.

“I immediately saw that this is a valuable step towards a new eco-system, in combination with a good business case.”

Earlier this month, ABN Amro acquired a stake in financial crime detection firm ThetaRay.

 

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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