(Updates with D-Wave Quantum's latest stock move in the headline and in the first paragraph.)
D-Wave Quantum (QBTS) shares were up 10% in Monday trading after the company and Nasdaq's (NDAQ) financial crime management unit Nasdaq Verafin signed an agreement to evaluate using quantum computing to improve financial crime detection.
Financial terms were not disclosed.
The companies said the partnership will kick off with the development of a proof-of-concept that could potentially expand to pilot applications for anti-financial crime use cases. The two said they will focus on how quantum-hybrid technology could support the development of predictive systems that can identify unusual behavioral patterns associated with fraud, scams, and money laundering.
Under the deal, Nasdaq Verafin said it will use D-Wave's annealing quantum computing technology to try to uncover complex relationships among account activity, transaction patterns, and counterparty networks that may be missed using conventional approaches.
The initial proof-of-concept will use D-Wave's technology to analyze hundreds of potential data signals to bolster predictive models for detecting unusual account behavior.
Price: $19.93, Change: $+1.85, Percent Change: +10.23%