A press release launched by the enterprise software company, R3 declared that the company has signed a major five year deal with the Dutch bank, ING Bank in order to use the company’s blockchain platform, Corda Enterprise.
Corda Enterprise is a commercial distribution of Corda, R3’s open source blockchain platform, specifically optimized to meet the demands of modern day business. It includes numerous financial services activity such as trade finance, identity, insurance and capital markets in its processes. These financial expertise that the blockchain platform covers will be useful for the bank in many ways, so the deal between the two parties indicates how ING Bank can avail Corda Enterprise’s services and vice versa.
The five year deal between ING Bank and R3 includes an agreement in which the bank will obtain infinite licenses for Corda Enterprise and will execute the company’s decentralized applications (CorDapps) in its systems across the globe. The deal will benefit both parties in their own ways and will help them enhance their processes.
Corda Enterprise provides large and complex organizations a variety of features which include “the world’s only Blockchain Application Firewall, 24/7 support, dedicated product management and support for industry-standard enterprise databases”. These features can help the ING Bank in its different areas of operations and as the bank is already famous worldwide for bringing financial innovation in its processes, the above mentioned specifications will contribute in amplifying the Dutch bank’s systems.
Being a financial innovator, ING Bank has already done its homework by analyzing the benefits the global financial institution will acquire from adding blockchain technology, artificial intelligence and the Internet of things in its systems. It has identified the ways the application of these technologies will assist in enhancing the processes of the bank, giving them competitive advantage over other financial institutions of the world.
The Head of Innovation for wholesale banking at ING, Annerie Vreugdenhil explains the purpose behind the agreement between the bank and the software company, stating:
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.
Ms. Vreugdenhil has only good things to say about the enterprise software company and its blockchain platform explaining how the company fulfills the needs of the banking sector through its diverse applications in the financial area. She said that the deal between the two parties will help in solving consumers’ issues, enhance their processes and aid the bank in adding more features for their clients.
The Founder and Managing Partner of R3, David E. Rutter expressed his point of view on the partnership with ING Bank, he said:
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.
The CEO of R3 has shown complete faith in the capabilities of the bank as he describes how the bank has always promoted innovation in the field of finance and has continually worked in bringing positive changes in the banking world. Mr. Rutter explained the importance of the relationship with the financial institution and how happy the company is to help the bank enhance its different business areas. Thus, it shows how the collaboration of these massive organizations will work in favor of the banking sector. And we really hope so.