The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam, with such primary businesses as retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services.
ING Group has reportedly partnered with R3CEV LLC, a distributed database technology company, which leads a consortium of more than 200 firms in research and development of distributed ledger usage in the financial system and other areas of commerce.
It’s extremely interesting to investigate the potential of this new system further in the partnership we’ve entered into with the other banks. A technology in which banks can take us forward in terms of the safer, cheaper and more effective storage of transactions. What’s more, the old systems won’t simply disappear. People still want to be able to talk to a familiar institution or knock on the door when they need good advice.
Global Head Transactions, ING Group
ING Group plans to research and apply blockchain technology, as it developed and modified a zero-knowledge proof, which is a technique for financial institutions like ING group to protect their client’s information.