I’ve noticed that recently, there has been increasing discussion about whether some new system could replace SWIFT and fundamentally change how global finance works. Specifically, it’s about the so-called QFS, or Quantum Financial System, which is credited with nearly miraculous properties. According to some theorists, it should use artificial intelligence and quantum computing to eliminate corruption, usury, and manipulation in banking.

But let’s be realistic. There is no verifiable evidence that QFS even exists or has been implemented anywhere. It’s more of a vision than a reality. What’s interesting is that while a fully-fledged QFS remains in the realm of science fiction, banks and governments are actually focusing on something concrete—digital currencies issued by central banks, the so-called CBDCs. According to available data, almost all countries are, one way or another, working on the development of their own digital currencies.

As for QFS itself, no one knows when it is supposed to be launched. In fact, it isn’t even clear whether any institution is working on its practical realization at all. What’s happening in reality? Individual financial institutions are working on separate parts of what QFS could be. Banks are developing their own quantum computer systems, deploying AI models, and experimenting with blockchain to improve security.

One interesting point is that even if QFS never comes to fruition, the technologies it would be built on are already delivering real benefits. Quantum technologies in finance promise better computing power, more advanced data analysis, higher security, and better portfolio optimization. High-frequency trading and more sophisticated modeling are already a reality today.

My takeaway? The future of finance will be written in the coming years, and it will be interesting. Traditional institutions are facing pressure, and room is opening up for new approaches—potentially built around cryptocurrencies. Whether QFS is ever realized or not, the transformation of the financial system is, in any case, already well underway.