Payments Innovation Alliance Releases New Report Detailing the Potential Impact of Quantum Computing on Payments
Nacha’s Payments Innovation Alliance, a membership program bringing together diverse global stakeholders seeking to transform the payments industry, has published Protecting Payments in the Quantum Era: What You Need to Know.
This free publication outlines the basics of quantum computing, explaining key concepts and how it differs from classical computing. It explores the potential applications of quantum computing in the financial sector, particularly in payments, highlighting opportunities for innovation and efficiency. The report also addresses the significant threats quantum computing poses to current cryptographic standards and discusses recent developments in quantum technologies, the urgent need for quantum-safe cryptographic solutions and the next proactive steps to prepare payments industry leaders for the quantum era.
Quantum computers process information in fundamentally new ways, offering a different computational approach that promises to tackle challenges and solve problems that classical computers cannot address. By the decade’s end, quantum computing could impact computing strategies across industries, providing substantial innovation in finance, payment networks, fraud detection, anti-money laundering detection and behavioral analysis. However, quantum computing also threatens the core cryptography used to secure website connections, banking transactions, email exchanges, virtual private networks (VPNs), e-commerce, digital signatures and more.
“As the quantum era approaches, leaders in the payments industry must prepare for the impending changes and challenges,” said Jennifer West, AAP, APRP, Senior Director, Payments Innovation Alliance, Education & Accreditation, Nacha. “The quantum threat to cryptographic security is real and imminent, potentially disrupting the foundations of digital transactions. That’s why the Alliance created a Quantum Payments Project Team and made its first task to develop an introductory document that explains the current state of play and calls for immediate action to future-proof our payments systems and ensure the continued protection of financial operations.”
