The consortium startup Corda and the Dutch banking group ING have recently decided to make a 5-year partnership for the usage of the Corda blockchain. The announcement was made by R3 and the deal is set to let the ING group use an unlimited number of licenses for the platform.
This way, the bank will be able to use the blockchain technology freely and CorDapps (Corda Distributed Applications) across all kinds of services. CorDapps is used to help in many activities like trading, finances, capital markets and identity.
R3 CEO David Rutter has affirmed that ING will take full advantage of the technology created by the consortium and that the company is looking forward for this partnership so that they can help the bank to achieve better results with more efficiency, profitability and productivity.
Annerie Vreugdenhil, head of innovation for ING, describes the deal as a huge milestone for the company and in the transition for a more distributed economy instead of a centralized one. According to her, the bank is on the verge of deploying DLT solutions for clients which will improve greatly the quality of the banking services.
ING And R3 Have Partnered Before
This is not the first time that these two companies are partnering up. ING, together with Commerzbank, Natixis and Rabobank (all banks from Europe) have used the Corda blockchain last year to make a commercial paper transaction worth $100,000 EUR.
ING has also partnered with R3 in February 2018, when the companies used Corda to complete a proof of concept project together with Commerzbank and BNP.