The Bank of Canada (BoC) is looking for partners in the private sector and academia to experiment with digital tools and technology, such as artificial intelligence and machine learning, the central bank announced Thursday.

The Partnerships in Innovation and Technology (PIVOT) program is part of the BoC’s efforts to fast-track innovation in its economic analysis and research, as well as in its day-to-day operations.

The program aims to develop experiments to identify and solve challenges that don’t have an existing commercial solution.

To start, the BoC is looking for a new tool to assess the impact of rising interest rates on household spending in real time, innovative ways to detect malicious activity and enhance cyber security analytics, and an artificial intelligence tool to provide French language evaluation.

“We’re always working to enhance our economic and financial analysis and operations. Teaming up with entrepreneurs and experts to explore new technology is a great way to do that,” says Carolyn Wilkins, senior deputy governor, in a statement. “The PIVOT program will help us remain innovative in our mission to promote the economic and financial welfare of Canadians.”