Dutch banking and financial services giant ING is moving clients toward the distributed economy in a five year unlimited license deal with R3, developer of Corda Enterprise Solutions, a commercial version of the company’s Corda blockchain platform.
ING plans to utilize the Corda Distributed Applications (CorDapps) for a variety of financial services activities such as: trade finance, identity, insurance and capital markets.
According to an R3 press release dated today, Annerie Vreugdenhil, Head of Innovation for Wholesale Banking at ING stated “…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…”
ING and R3 have been working on distributed ledger projects together for some time. Most recently, in December 2018, ING, along with Commerzbank , Natixis and Rabobank, settled a live transaction for a one day maturity Euro commercial paper worth €100,000 ($113,622.50 USD) on the Corda platform.
Corda Enterprise Solutions is an open source blockchain platform launched in July 2018 after more than a year of development directed toward enterprise. This commercial version of Corda has additional business features including: 24/7 support, disaster recovery, blockchain application firewall and more.