The deal allows the Dutch bank an unlimited number of licenses on R3’s commercial blockchain platform, Corda Enterprise. ING will be able to use blockchain in its global operations across many areas of business including trade finance, insurance, capital markets, and identity.
Annerie Vreudenhil, who heads innovation for wholesale banking at ING, stated that with the partnership, “We are one step closer to deploying live DLT solutions for our clients” via R3, which she calls “the most mature enterprise DLT solution to serve the needs of the financial services industry”.
ING and R3 have already had previous relationships.
Recently, the Dutch bank also said it would establish an analytics academy to assist its employees improve their data literacy.