Dutch bank, ING Bank has signed a five year deal with enterprise software company R3 in order to use the company’s blockchain platform Corda Enterprise, specifically optimized to meet the demands of modern day business.
The deal includes an agreement in which ING Bank will get infinite licenses for Corda Enterprise and will execute the company’s decentralized applications (CorDapps) in its systems across the globe.
“Our longstanding joint journey with R3 has proven that this is the most mature enterprise DLT 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 supported infrastructure in place,” the Head of Innovation for wholesale banking at ING, Annerie Vreugdenhil explains.
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.