ING signs five-year licencing deal with R3

ING has agreed a five-year deal with R3 for an unlimited number of Corda Enterprise licenses, with the aim of encouraging the adoption of CorDapps across the business.

The five-year deal will allow ING to roll out access to Corda Enterprise throughout the bank globally and deploy production-ready CorDapps across a wide range of business areas.

CorDapps in production on Corda Enterprise cover a full spectrum of financial services activity including trade finance, identity, insurance and capital markets.

ING has been an enthusiastic adopter of blockchain technology, recruiting a cadre of technologists, mathematicians, cryptologists, economists and business experts to work on its Amsterdam-based Blockchain Innovation team. This has led to range of deployments across multiple business sectors, including payments, trade finance and working capital solutions, financial markets, bank treasury, lending, and compliance and identity

Annerie Vreugdenhil, head of Innovation for wholesale banking at ING, says: “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.”