Paysafe teams up with Unisys and the NQCC to research quantum-enhanced fraud detection
Paysafe has joined forces with global technology provider Unisys and the UK's National Quantum Computing Centre (NQCC) to pioneer research into quantum-powered fraud detection. Learn more about this exciting project.
The Paysafe-Unisys-NQCC collaboration aims to harness the power of quantum computing to enhance anomaly detection in financial transactions, ultimately leading to more effective fraud prevention and anti-money laundering processes.
Why is this initiative so critical? Here's everything you need to know.
Unlocking the power of quantum computing in finance
As financial crime reaches new levels of sophistication, financial services businesses increasingly recognize the need for change and innovation. Our joint efforts with Unisys and the NQCC will explore how quantum computing could arm businesses with powerful anti-fraud capabilities at a time when cyber threats are rapidly evolving.
Quantum computers operate differently from the conventional computers we use every day. Whereas classical computing systems process information as binary bits — either a '1' or a '0' — quantum computers leverage "qubits," which can represent both '1' and '0' simultaneously. This enables quantum systems to process massive datasets, identify patterns, and solve complex computational problems significantly faster.
By tapping into this immense computational capacity, our project with Unisys and the NQCC aims to enhance fraud detection and protect against emerging cyber threats.
Alan Osborne, Chief Information Security Officer at Paysafe, said: “Collaboration between companies, governments, and technology providers is essential to harness quantum advancements effectively. Our work with Unisys and the NQCC highlights the important role Paysafe plays in progressive security innovation and fraud prevention research.”
He continued: “Quantum-ready security measures provide businesses with stronger, more effective protection against modern threats. We believe the technology could significantly improve real-time fraud detection and reduce financial crime, helping organizations to maximize revenue.”
Driving progress in payment security
Our collaboration with Unisys and the NQCC has already delivered promising results. For example, we’ve demonstrated how a Quantum Restricted Boltzmann Machine — a quantum-enhanced machine learning model — can be used to improve fraud detection.
Paysafe is proud to be a trailblazer in leveraging quantum technology to benefit businesses worldwide. Protecting payments and maintaining customer trust is crucial, and the solutions we’re developing will make fraud prevention faster and more accurate as new threats emerge.
Are you looking for a provider that balances robust security protocols with seamless payment experiences? Contact us today and discover why 250,000 businesses trust us to process their transactions.
