The Quantum Financial System (QFS) is a theoretical financial system that some believe could challenge the SWIFT system and eliminate corruption, usury, and manipulation within the banking system. However, there is no verifiable evidence to support the existence or implementation of such a system. The QFS is believed to leverage artificial intelligence (AI) and quantum computing to handle all financial transactions, eliminating the need for current financial systems, such as SWIFT.

While a full-blown implementation of QFS is most likely beyond the scope of what financial institutions and governments are currently willing to try, the work on blockchain-based fiat currencies has become a worldwide effort in recent years. According to the CBDC Tracker website, a majority of countries are working on central bank digital currencies (CBDCs) in some capacity.

There is no timeline for when the Quantum Financial System will start, and it’s difficult to determine whether there are any private or public institutions working on a practical application of the QFS at all. Financial institutions are working on separate parts of QFS, with many banks and other companies developing their quantum computer systems, deploying AI models, and using blockchain to make transactions more secure.

In conclusion, while the Quantum Financial System may not materialize, the integration of quantum technologies in finance offers benefits such as enhanced computational power, advanced data analysis, increased security, portfolio optimization, option pricing, improved quantitative modeling, and high-frequency trading. The financial industry's future remains uncertain, with traditional institutions facing challenges and the potential for new systems, potentially built around cryptocurrencies, to emerge in the coming years.