DBS introduced DBS token services, a new suite of services that integrate blockchain-enabled capabilities with DBS’s core transaction banking services. This aims to unlock new transaction banking capabilities and operating efficiencies for the bank’s institutional clients, said the bank in its Oct 18 announcement.
DBS added that its token services enable instant, 24/7 real-time settlement of payments by integrating its Ethereum virtual machine-compatible permissioned blockchain, its core payment engine and multiple industry payment infrastructure.
In addition, the smart contracts allow programmability for institutions to manage the use of funds according to certain conditions. The use of a permissioned blockchain allows DBS full control over these services.
Key solutions include treasury tokens, conditional payments and programmable rewards. DBS introduced DBS Treasury Tokens with Ant in August this year.
Lim Soon Chong, group head of global transaction services of DBS, notes that “by leveraging tokenisation and smart contract capabilities, DBS Token Services enables companies and public sector entities to optimise liquidity management, streamline operational workflows, strengthen business resilience, and unlock new opportunities for end-customer or end-user engagement.”
“It marks a significant step forward in transaction banking and demonstrates how established financial institutions can leverage blockchain technology to deliver new ground-breaking features and experiences,” Lim adds.
