R3 announced Tuesday that they have signed a deal with Dutch banking and financial services group ING. The five-year licensing deal is for use of R3’s Corda Enterprise platform, which will allow the bank to utilize an unlimited number of licenses for the Corda platform. ING can then distribute R3’s blockchain tech and Corda Distributed Application (Cordapps) across its international business operations, covering trade finance, capital markets, and identity and insurance markets.
The Corda Enterprise Platform is an open-source blockchain platform that was launched in 2017 after more than a year of development. Its features include things like round the clock system support, disaster recovery, and blockchain firewall.
This is not the first time R3 and ING have come together. Last month, ING and three other European banks settled a live transaction worth over one million dollars, and back in February 2018, ING completed a proof-of-concept project using R3’s blockchain tech.
“As ING takes 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,” says R3 CEO David Rutter.