ING Bank has signed a five-year deal with enterprise software firm R3, entitling the bank to an unlimited number of licenses 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 cover a wide variety of financial services activity including trade finance, identity, insurance and capital markets.
Annerie Vreugdenhil, head of innovation for wholesale banking at ING, said: “Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT [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,” he continued, adding: “We are one step closer to deploying live DLT solutions for our clients with the supported infrastructure in place.”
Corda Enterprise is a commercial distribution of Corda, R3’s open source blockchain platform, which includes a blockchain application firewall, dedicated product management and support for industry-standard enterprise databases.
In addition to taking a proactive position on blockchain technology, ING has built a large team exploring the benefits of technologies including artificial intelligence and the Internet of Things.
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