ING named most innovative bank in Western Europe by Global Finance magazine

07 May 2020 ... min read Listen

ING has scooped the pool in Global Finance magazine’s Innovators 2020 awards taking home four gongs including the Most Innovative Bank in Western Europe. The bank also won awards for home grown innovations in the following sectors: Cash Management (Zero Knowledge Proof Notary on Corda), Corporate Finance (CoorpID) and Payments (FINN Banking of Things).

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Sense of pride

Chief innovation officer Benoît Legrand said receiving external recognition is always very encouraging and generates a due sense of pride.

“It not only highlights the excellent and consistent work which is being done, day after day for years, by every one of us in innovation, but also by colleagues who go the extra mile to embed those innovations into our business.”

In the Cash Management category, ING’s Zero Knowledge Proof Notary on Corda helps to overcome one of the biggest obstacles to using blockchain in financial services: protecting data privacy. ING’s innovation is 10 times more efficient than existing technologies designed to keep information on a ledger private.

In the Corporate Finance sector, COORPID improves the Know Your Customer process for corporate clients by enabling them to manage their own KYC data and share with multiple partners. This prevents banks from being used, intentionally or unintentionally, by criminal elements for money laundering activities.

New IoT payments standard

In the Payments section, FINN - Banking of Things enables smart devices to perform autonomous transactions setting a new standard in the Internet of Things payments.

All selections were made by the editorial board of Global Finance with the input of reporters who are experts on each of the sectors.

A full report on The Innovators 2020 will be published in the June issue of Global Finance and on GFMag.com.

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