ING Bank has signed a five year deal with R3 which entitles the bank to an unlimited number of licences for R3’s commercial blockchain platform, Corda Enterprise.
The deal will allow ING to roll out access to Corda Enterprise throughout the bank globally and deploy production-ready CorDapps across a range of business areas.
CorDapps in production on Corda Enterprise covers financial services activity including trade finance, identity, insurance and capital markets.
ING will be able to adopt CorDapps across business areas within ING, enabling the wider adoption of Corda Enterprise.
Corda Enterprise is a commercial distribution of Corda, R3’s open source blockchain platform, designed specifically to meet the demands of modern-day businesses.
Annerie Vreugdenhil, head of innovation for wholesale banking, ING, said: “Our longstanding joint journey with R3 has proven that this is the most mature enterprise distributed ledger technology solution to serve the needs of the financial service industry."
“Strengthening our partnership, by signing this licencing agreement, marks a huge milestone towards empowering clients to transition to a distributed economy. We are one step closer to deploying live DLT solutions for our clients with the supporting infrastructure in place."
David E. Rutter, CEO of R3, commented: “ING has been an enthusiastic adopter of blockchain technology and a valued long-term partner to R3. For example, in trade finance, it was involved in the first live trade on Project Voltron.”
“It was also one of the participants in the first live securities lending transaction on blockchain through HQLAx. As ING takes full advantage of access to Corda Enterprise, we look forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business areas."
