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July 19, 2023 | Tom Ballard

Truist Financial and IBM announce collaboration around quantum computing

Truist will participate in the IBM Quantum Accelerator program, and IBM will become one of Truist’s Innovators-in-Residence.

Truist Financial Corporation and IBM have announced a new collaboration whereby the Charlotte, NC-headquartered bank will join the IBM Quantum Accelerator program and IBM will be welcomed into the bank’s Innovator in Residence program. The goal of the collaboration is 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, positioning the bank to exploit the technology’s future potential. Under the agreement, Truist will gain access to IBM’s premium quantum computing systems, deep expertise, and enablement resources. IBM will work with the Truist team to build quantum skills and explore how the technology could benefit their use cases in consumer banking.

Additionally, 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 technology giants and start-ups 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. As part of this commitment, IBM will deploy dedicated teams with subject matter expertise onsite and share knowledge relating to emerging payment technologies, operational resiliency, artificial intelligence, automation, and business process and operations transformation.

To learn more about the dual collaboration, click here.

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