Project Leap: quantum-proofing the financial system

Project Leap aims to prepare the central banking community for the challenges posed by emerging quantum computers, which may be able to break the cryptographic algorithms widely used today to secure financial transactions and data.

The BIS Innovation Hub Eurosystem Centre has launched the second phase of Project Leap together with Bank of Italy, Bank of France, Deutsche Bundesbank, Nexi-Colt and Swift.

The project's first phase tested the implementation of post-quantum cryptographic protocols between two central banks with the aim of advancing the central banking community's knowledge of post-quantum cryptography.

The BIS has also released two papers to broaden understanding of the advancement of quantum computing and the implications for the financial system. The first examines quantum computing's opportunities and risks for the financial system and the second provides a roadmap for quantum-readiness.