ING Bank Agrees to 5-Year Contract with Blockchain Development Firm R3
Major Dutch banking group, ING Bank (ING), has entered into an agreement with blockchain development group R3 to develop blockchain-based applications through its Corda Enterprise platform. This agreement will give ING access to an unlimited number of licenses and help the company transition its banking clients towards a distributed economy.
Known for its bright orange signage and orange lion logo—not to mention its suite of banking services offered—ING will also retain access to R3’s CorDapps. These enterprise-grade blockchain solutions are designed to disrupt a number of core banking services, including capital market infrastructure, identity, trade finance, and insurance. These applications should allow ING to reduce inefficiencies and drive profitability.
ING and R3 have collaborated in the past, including the execution and settlement of a EUR 100,000 trade finance deal. With a deal of this magnitude typically taking 5-10 days to process, R3’s technology was able to cut the settlement time down to under 24 hours.
R3’s CEO confirmed ING’s long-term commitment to integrating blockchain technology, stating:
“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. 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 areas.”
Tuesday, January 22, 2019