Through our Partnerships in Innovation and Technology Program (PIVOT), we work with innovators in the private sector and academia to experiment with digital tools and technologies, such as artificial intelligence and machine learning. This initiative builds on our recent collaborations with private sector firms in fintech, such as Project Jasper, as well as our partnership with the Creative Destruction Lab.
We want to improve
- the quality and breadth of our economic research and analysis
- our day-to-day operations
How we’ll do it
Our staff team up with external partners for a limited time to try to respond to challenges through experiments. We periodically issue these challenges and their desired outcome.
This initiative is part of our commitment to build a culture of innovation at the Bank.
What’s in it for you
By participating in PIVOT, successful partners can
- collaborate with our staff who are at the top of their field
- have a meaningful impact on our economic research and operations
- contribute to improving the economic and financial well-being of Canadians
- leverage the partnership with a leading central bank to attract potential investors and clients
Challenges open for application
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Complex optimization problems with quantum computing
The Bank of Canada has a mandate to ensure the safety and efficiency of payment systems. An important determinant of the efficiency of systems is how banks interacting in those systems choose to process the payment requests from their clients.
These payments requests are indivisible, which gives rise to complex strategic interactions in a combinatorial optimization problem. Banks must choose which payments to process immediately and which to delay for later processing. In practice, however, due to the complexity of this problem, these decisions are done using rules of thumb and simple guidelines.
The Bank of Canada would like to explore if quantum (including quantum-inspired or hybrid) algorithms and quantum hardware could be used to find new solutions to the complex optimization problem faced by the participants to enhance the efficiency of these systems —all while serving the Bank’s core functions.
Challenges in progress
There are currently no challenges in progress.
We partnered with individuals and businesses to come up with innovative ways to solve challenges we face as a central bank. Check out the results.
For more information about the program, send us an .