Moody’s Analytics has announced the launch of a quantum computing solution for finance, designed to operate with a software-as-a-service (SaaS) offering in a valiant attempt to explore new use cases.
Called QFStudio, the new service offers players in the finance industry benchmarking capabilities that support the comparative analysis of classical algorithm performances with quantum equivalents. Developed in partnership with Multiverse Computing, Moody’s Analytics says the product could provide solutions to the “computationally expensive problems” faced by firms.
“Financial institutions need to understand what benefits quantum computing can bring them,” read an official statement. “We are excited to announce a quantum leap forward with our exploration of quantum computing, which promises extensive improvements for computationally expensive problems that could impact on some of the core problems our clients face.”
Traditionally, the integration of quantum algorithms into existing company processes is seen as an uphill climb given the amount of computational power required. Aware of the challenge, Moody’s offering uses application programming interfaces (APIs), software development kits (SDKs), and a web view to allow users to weigh the efficiency of quantum solutions with classical algorithms.
Through the offering, Moody’s Analytics says that users of the platform “will be the first to leverage quantum advantage in a hardware-agnostic way.” Users will be able to compare and contrast key metrics of both quantum and classical systems by speed, accuracy, risks, and cost.
The service offers users the ability to identify potential bottlenecks before making a decision on systems, providing seamless scalability and benchmarking functionality. Pushing the frontier, the offering provides users access to a range of quantum hardware providers and Multiverse Computing’s advanced portfolio optimizers.
Victor Gaspar, Multiverse Computing’s chief sales officer, disclosed that QFStudio’s algorithms run on AWS GPUs, hinting at a plan to wade into using gate-based processors to run algorithms.
Quantum computing shows promising outlook
According to a recent analysis, the quantum computing industry is expected to soar to $8229 million in 2030 from a near $812.6 million valuation in 2022. Several technology giants like IBM (NASDAQ: IBM), Google (NASDAQ: GOOGL), Rigetti (NASDAQ: RGTI), and Microsoft NASDAQ: MSFT) have already thrown their weights into developing new offerings while others are exploring integration with emerging technologies.
However, the bulk of their forays are focused on research and development with practical utility still a mile away for enterprises. Moody’s Analytics disclosed that its offering is intended to bridge the gap for finance industry firstmovers, providing myriad use cases for the ecosystem.
“The finance industry may be one of the first to benefit from quantum computing, with many use cases which require substantial amounts of live data and complex computational tasks,” said Moody’s Analytics.
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