The essential role of prime numbers in cryptographic within banking applications is emphasizing the significance of secure encryption keys and digital signatures. It delves into the optimization of prime number generation by parallelizing the Sieve of Eratosthenes algorithm, particularly for generating large prime numbers. The paper explores the practical implementation of parallel computing techniques like OpenMP and MPI to achieve this parallelization, highlighting its advantages. Parallelization ensures the faster encryption of the account number which in turn enhances the However, challenges such as load balancing and communication overhead are also addressed, offering insights into their effective management. This research demonstrates the viability of parallelization for improved security and efficiency in banking cryptographic operations