Blockchain Firm R3 Signs 5-Year Deal With ING Bank For Large-Scale Corda Enterprise Adoption

Blockchain, News | January 23, 2019 By:

Enterprise blockchain software firm R3 has signed a five-year deal with international bank ING for an unlimited number of licenses for Corda Enterprise, R3’s commercial blockchain platform.

Launched in July 2018, Corda Enterprise is a commercial distribution of Corda, R3’s open source blockchain platform, specifically optimized to meet the demands of modern day business. The solution’s Blockchain Application Firewall enables it to be deployed inside corporate data centers while retaining the ability to communicate securely with other nodes anywhere else in the world.

As a part of the five-year deal, R3 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 provide a number of financial services applicable in banking activity, including trade finance, identity, insurance and capital markets.

ING, whcih joined the R3 blockchain consortium in 2015, said that the deal will allow them to adopt CorDapps across business areas within the bank.

“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,” said Annerie Vreugdenhil, Head of Innovation for wholesale banking at ING. “Strengthening our partnership, by signing this licensing 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.”

David E. Rutter, CEO of R3, said that ING has been an enthusiastic adopter of blockchain technology and a valued long-term partner to R3, adding that the five-year agreement would enable the wider adoption of Corda Enterprise.

“As ING takes full advantage of access to Corda Enterprise, we look forward to seeing how the diverse CorDapp ecosystem can deliver gains in productivity, efficiency and profitability across the bank’s diverse business area,” Rutter said.

Last week, R3 announced the launch Corda Network, an open-shared blockchain network that provides a common layer of identity and consensus for participants on Corda and Corda Enterprise. The network reportedly enables transfers of data and digital assets to business networks, as well as between CorDapps.