On Tuesday, January 22, Dutch banking and financial service provider ING Bank signed a five-year deal with blockchain software firm R3 to adopt its Corda Enterprise blockchain platform.
According to an announcement published by R3, the deal entitles ING Bank to “an unlimited number of Corda Enterprise licenses,” and will allow the bank to utilize the “production ready” CorDapps in both its domestic and international dealings. Under the new deal, the bank can also make Corda Enterprise – a commercial version of its original Corda platform – available to all its domestic and international partners.
CorDapps, or Corda distributed applications, perform a variety of tasks related to financial services, including “trade finance, identity, insurance, and capital markets.” R3 hopes that the adoption of the Corda Enterprise platform will spur mass adoption of its CorDapps.
Annerie Vreugdenhil, head of innovation for wholesale banking at ING, expressed her excitement over the new deal: “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.”
ING Bank is far from the first to utilize Corda platform for financial services. In April 2018, the National Bank of Egypt joined the R3 blockchain initiative as a part of the country’s national digital transformation strategy. In August 2018, the Bank of Thailand participated in a pilot program for wholesale funds transfer by issuing a wholesale central bank digital currency using the Corda platform. And In October of last year, 14 European banks tested the Corda platform’s ability to perform interbank reconciliations.