EPAA forms working group with IBM, HSBC, AP+, and PayPal to explore quantum-safe cryptography
The Emerging Payments Association Asia (EPAA) has announced the formation of a new working group on quantum-safe cryptography (WG-QSC) with the aim to “encourage the adoption of quantum-safe cryptography
in the banking industry”.
EPAA to explore quantum-safe cryptography
Officially launched at Money20/20 Asia in Bangkok, Thailand last week, the WG-QSC’s founding members include industry heavyweights HSBC, AP+, PayPal, and IBM.
The WG-QSC’s remit will include studying policy, regulation, and operator business processes to develop best practices for the implementation of quantum-safe cryptography.
The group says that it aims “to enhance the protection of payment rails and processes in anticipation of advanced quantum computing that will be able to compromise existing cryptography”, adding that it will work to “help define requirements, identify dependencies, use cases, and create a roadmap to implement post-quantum networking”.
The EPAA, which is a commercial membership organisation comprising leading figures in the payments industry headquartered in Sydney, Australia, states that in the absence of “post-quantum solutions”, sensitive information such as payment files, confidential business information, and other “business-critical data” could become vulnerable to attackers.
Camilla Bullock, EPAA CEO, stipulates the new initiative will look to “understand and implement” post-quantum frameworks and define strategies to safeguard customer data, payments infrastructure, processes, and payment flows through “agreed upon policies, enhancing resilience in future networks”.
The WG-QSC intends to publish its initial findings ahead of the Sibos conference in October 2024.
To delve deeper into quantum computing and its potential implications for financial services, tune in to our recent episode of the What the FinTech? podcast featuring Dr Philip Intallura, head of quantum technologies at HSBC.
