D-Wave Quantum Inc. (NASDAQ: QBTS) and Nasdaq Verafin have announced an agreement to evaluate the use of quantum computing technology for financial crime detection, according to a press release from D-Wave.

The collaboration will begin with a proof-of-concept project, with the potential to expand into pilot applications targeting anti-financial crime use cases, including fraud, scams, and money laundering detection.

Nasdaq Verafin will explore D-Wave's annealing quantum computing technology to analyze complex relationships across account activity, transaction patterns, and counterparty networks. The initial proof-of-concept will examine hundreds of potential data signals to strengthen predictive models for identifying unusual account behavior.

D-Wave CEO Dr. Alan Baratz said in a statement: "This agreement with Nasdaq Verafin provides an important opportunity to explore quantum computing's potential in addressing some of the financial services sector's most complex problems."

Nasdaq Verafin serves more than 2,800 financial institutions, representing $13 trillion in collective assets, providing financial crime management technology solutions covering fraud detection, anti-money laundering compliance, sanctions screening, and related functions.