Blockchain banking is the new age development which has enhanced operations, reduced cost and boosted the speed of payment and transactions in the cross-border remittance. It has been already adopted by several world’s leading banks and has been integrated within their systems. Dutch multi-national banking giant ING has also partnered with blockchain services firm R3 to leverage blockchain-based services and products for their range of business areas.
As per their latest development, ING’s collaboration with R3 is a five-year deal which will authorize the bank to utilize an unlimited number of licenses for Corda Enterprise and CorDapps. The global technology blockchain will help in supporting the infrastructure and development of their operational efficiencies. However, it remains unknown about how specifically ING will make the use of these available licenses, but it is speculated that there will quite a few usable solutions ready to be used in their bank.
ING Head of Innovation (wholesale banking) Annerie Vreugdenhil stated that the five years deal signed with R3 is going to bring a mature deal for the banking sector. She further added that they are only one step away to bring live DLT solutions to their clients with full-fledged infrastructure support. Their partnership will be a milestone for the client empowerment with many additional facilities in blockchain banking which will provide them with the best services as mentioned by The Next Web.
How Blockchain Technology Is Changing The Banking Service?
Blockchain has been appreciated by the banking and finance sector with its rapid adoption in recent years. According to Digital Journal, the major application of this technology include facilities like real-time loan funding, fund transaction management, KYC/identity management, liquidity management, and real-time asset tracking to name a few. The latest research report based on global Blockchain Banking and Financial Services market gives a detailed overview and in-depth information of the blockchain presence and its importance.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]